Binance US, the crypto exchange in the country, recently informed the customers that it had resolved its withdrawal issues with the US dollar after working with the banking partners. But the company still warned the customers that the relief might not last for long.
The subsidiary that claims to be independent of crypto exchange Binance informed its customers in an update on the 22nd of June that its system would be remaining fully operational, and that the withdrawal requests of the US dollar are expected to go back to their normal turnaround of five business days. On the 9th of June, the exchange went on to suspend some of the dollar deposits and then notified its customers of an incoming pause to the fiat withdrawal channels- which came in amidst its ongoing battle with the SEC.
Binance US Is Fully Operational Now
During that period, Binance US had also warned its customers that the banking partners were already preparing to pause the fiat withdrawal channels as early as the 13th of June. However, this didn’t come to pass. In a recent statement, the company did encourage its customers- any that had a failed withdrawal attempt- to resubmit their requests as the systems were completely operational now. But it went on to caution that the relief might not be permanent. The company has also encouraged its users to withdraw, use, or convert their USD to a stablecoin in order to continue crypto-to-crypto trading.
Binance US, in other news, also has had problems with its banking partners in Australia. Back in May, the prices of Bitcoin went down by 20% on the Australian branch of Binance when the local banking and payment partners completely suspended their services- which caused a rush to cash out and sell.