Binance.US, the US arm of Binance, has announced the dates when it will keep US dollar transactions open for a while. The largest stablecoin USDT struggles to maintain price stability on BinanceUS amid the announcement…
Binance announces key changes for the US dollar
Binance.US reported today that it has resolved US dollar withdrawal issues after working with its banking partners. But he warned that this relief may not last long. The exchange took a major step on Friday over its U.S. dollar withdrawal issues, which it suspended last week in response to the SEC lawsuit. Accordingly, US users will be able to withdraw from Binance.US in US dollars for another 5 days. Binance will stop trading again after this period.
As I quoted as Kriptokoin.com, Binance.US suspended US dollar deposits on June 9th. At that time, users were given until June 13. In the last announcement, an additional 5 days were given for withdrawals. Binance confirmed that the withdrawals will be short-lived, saying, “We expect our banking partners to terminate this service in the near future.”
Reminder: As we transition to a crypto-only exchange, https://t.co/gM6e3xb9BX will remove select USD Advanced Trading pairs from our platform on 6/26 at 8 p.m. PDT / 11 p.m. EDT.
While USD withdrawals remain fully operational, we encourage you to use, withdraw, or convert your… pic.twitter.com/LWDWVvwtoq
— Binance.US Customer Support (@BinanceUShelp) June 22, 2023
USDT loses its dollar peg
In the announcement, Binance also encourages its users to “use, withdraw or convert your USD to stablecoin to continue crypto-to-crypto trading” as it transitions to becoming a crypto-only exchange. This means that any remaining US dollar balance in customer accounts can be converted to USDT.
The announcement also included details of more USDT trading pairs with ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ and ZIL added on June 26. BinanceUS offers its users to redeem, withdraw or convert their US dollar balance into stablecoins. But USDT continues to melt on BinanceUS, dropping to 0.96 against the US dollar.
However, it stated that it will remove most “USD Advanced Trading pairs” from the platform on the same date. Of the 150 crypto assets BinanceUS supports, only the following can be traded against the US dollar:
- BTC
- ETH
- ISLAND
- BNB
- LTC
- MATIC
- LEFT
- VET
- USDC
- USDT
BinanceUS ends relationship with banking partners
The leading exchange started its transition to being a crypto-only exchange on June 9th. On June 13, he shared an email copy showing his banking and payments partners’ intent to shut down US dollar fiat channels. Binance.US said they will start suspending USD starting today. Thus, he plans to switch to crypto-only exchange very soon. The stock market wrote the following in its statements on this subject:
Our priority is our customers and we have always been our customers. We’re taking these proactive steps as we transition to a crypto-only exchange for a while. To be clear, we hold a 1:1 reserve for all client assets. Any interruptions to withdrawals could be the result of increased volumes and weekend bank closures. Also, trading, staking, depositing and withdrawing crypto remains fully functional.
https://twitter.com/BinanceUS/status/1666996908651323393
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