Binance.US, the American subsidiary of the global cryptocurrency exchange Binance, has announced that it has resolved its issues with USD withdrawals after working with its banking partners. The exchange had suspended USD deposits on June 9th, following a lawsuit filed by the US Securities and Exchange Commission (SEC) against Binance and its founder Changpeng Zhao.
Binance.US Will be Moving Forward as a Crypto-Only Platform
Binance.US announced on June 22nd that its system is operating normally and that it anticipates resuming processing USD withdrawal requests within five business days. However, the exchange also warned its customers that the relief may not last, as its banking partners may discontinue their service in the near future.
The SEC accused Binance and Zhao of operating a “web of deception” and violating several securities laws in the US. The regulator alleged that Binance offered unregistered securities to US investors through its platform and failed to comply with anti-money laundering and investor protection rules.
Binance.US said that it is taking proactive steps to transition to a crypto-only exchange for the time being, and encouraged its users to convert their USD to a stablecoin such as USDT or BUSD to continue trading on its platform. The exchange also said that it will remove some USD trading pairs from its platform on June 26th.
Due to the current situation, some customers may have experienced failed withdrawal attempts. Binance.US has resolved this issue and asks those customers to resubmit their requests. Binance.US also recommends its users use stablecoins, convert their USD, or withdraw funds if they want to continue trading crypto-to-crypto. This is part of the exchange’s transition to a crypto-only platform.
Binance.US is not the only crypto exchange facing regulatory scrutiny in the US. On June 8th, the SEC also sued Coinbase, the largest US crypto platform, for allegedly misleading investors about its revenue and growth prospects. Coinbase denied the allegations and said that it will fight the lawsuit in court.
