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Binance US has suspended US dollar withdrawal operations. This change began with the Binance US trading platform updating their terms of use.
The exchange noted that users will only be able to access their US dollar funds through BAM Fiat Wallets. When users want to withdraw in US dollars, they should convert this money into stablecoins or other digital assets to make it withdrawable later.
This policy change occurred especially after the exchange suspended deposits in US dollars following a court decision initiated by the US Securities and Exchange Commission (SEC) in early June. During this time, Binance US also announced that it was preparing to suspend its banking partners’ USD withdrawal channels. While the exchange succeeded in preventing asset freezes, its share of US crypto trade volume declined.
On July 17th, Binance US announced that the US dollar withdrawal operations were go on, but it continued to encourage users to trade crypto-to-crypto on the platform or withdraw or convert their USD fiat money balances. The exchange informed its users that all remaining USD balances in their accounts could be converted to USDT in the future.
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In summary, Binance US has temporarily suspended withdrawal operations in US dollars and suggests users convert these funds into stablecoins or other cryptocurrencies to withdraw later. This decision seems to be a response to the issues the exchange has with US regulatory bodies.
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