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Binance withdrawal to bank fee8/10/2023 ![]() ![]() For many users, Binance and other exchanges served as a crucial point of entry into cryptocurrencies by enabling them to purchase assets like bitcoin using “fiat” currencies like the US dollar. The largest financial markets have strict regulations governing the trading of securities.īinance.US is a subsidiary of, a cryptocurrency exchange that quickly expanded into a business with billion-dollar profits, primarily from transaction fees from users buying and selling cryptocurrencies. Regulators have been evaluating various digital assets’ characteristics for some years to see if they are fresh iterations of securities like stocks or bonds or not. When local banking and payment partners ceased their services in May, there was a rush to sell and cash out, and Bitcoin prices on the Australian branch of Binance plunged to a 20% discount. The business has also experienced issues with Australian banking partners. Only a few of the 150 cryptocurrencies supported by Binance.US will be able to be traded against the US dollar: BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT. ![]() More USDT trading pairs were also disclosed, with the addition of ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL on June 26.īinance.US also made clear that the majority of “USD Advanced Trading pairs” would be taken off the platform. The company notified that any remaining USD balances in client accounts could be converted into Tether crypto later. It also urged any clients who had unsuccessful withdrawal requests to resubmit their requests, while issuing a warning that the relief would not last indefinitely.Īs it transforms into a crypto-only exchange, Binance.US is also pushing its users to “use, withdraw, or convert your USD to a stablecoin to continue crypto-to-crypto trading.” ![]() dollar withdrawal requests are anticipated to resume processing within five business days. In its latest customer update on June 22, the purportedly autonomous Binance subsidiary stated that its system is still fully functional and that U.S. Binance.US Customer Support June 22, 2023 While USD withdrawals remain fully operational, we encourage you to use, withdraw, or convert your… /LWDWVvwtoq Reminder: As we transition to a crypto-only exchange, will remove select USD Advanced Trading pairs from our platform on 6/26 at 8 p.m. and our business partners have not been spared in the use of these tactics, which has created challenges for the banks with whom we work.” The June 9 announcement by Binance.US reads, “The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. In addition, Binance.US is “notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023.” More Details on the Announcement The company stated that it has suspended USD deposits to safeguard its clients and platform. However, the notification did provide a warning that any delays in processing withdrawals “may be the result of elevated volumes and weekend bank closures.” It also confirmed that cryptocurrency trading, staking, deposits, and withdrawals are still fully functional. The business also said it intended to switch to a cryptocurrency-only exchange while keeping a 1:1 ratio for client funds. On June 9, Binance.US declared that the Securities and Exchange Commission’s “extremely aggressive and intimidating tactics” had compelled them to act. ![]() Join Our Telegram channel to stay up to date on breaking news coverageīinance.US has informed its customers of an impending halt to fiat (USD) withdrawal channels as early as June 13 and has announced the suspension of US dollar deposits. ![]()
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