Binance US Resumes USD Withdrawal but Uncertainity Prevails

June 27, 2023

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According to recent reports, Binance.US, the independent US subsidiary of the world’s largest crypto exchange, informed users in a June 22 statement that the trading platform is functioning properly as well as that US dollar withdrawal requests should resume processing within five business days.

Resumption of USD Withdrawals

Binance anticipated: “While USD withdrawal remains fully operational on the platform today, we expect our banking partners to discontinue that service in the near future.”

The company suggests that this is the result of working together with its financial partners. However, it suggests that the relief might not persist.

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‘Use, Convert, or Withdraw’

In addition, Binance.US is urging customers to “use, withdraw, or convert your USD to a stablecoin to continue crypto-to-crypto trading” when the exchange shifts to a crypto-only platform.

SEC’s Lawsuit Against Binance

Notably, the SEC and other regulatory organizations have all been looking into the firm recently. In addition, the temporary suspension of USD deposits was announced amid rumors that its banking partners would stop processing dollar payments following that week.

At the time, the business emphasized that the decision was made in response to a complaint made by the Securities and Exchange Commission (SEC) against Binance and its CEO, Changpeng ‘CZ’ Zhao. On June 5, the organization launched more than a dozen charges with the District Court of Columbia against Binance, its US platform, and CEO Changpeng Zhao (CZ).

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‘Blatant Disregard for the American Law’

The allegations are related to a “blatant disregard” for American law, according to the SEC. The SEC alleged that Zhao’s ownership of Sigma Chain and Merit Peak allowed for the mixing of billions of dollars in client money with its own in its case, which includes 13 distinct accusations.

Agreement Between Binance.US and the SEC

The SEC subsequently requested a temporary restraining order and an asset freeze which was then rejected by the judge Amy Berman Jackson. Speculations about the agreement began to compromise to protect customer assets without having to shut down the exchange.

The expected agreement between Binance.US, Binance, and the Securities and Exchange Commission (SEC) was finally approved by Judge Jackson on June 17.