By Hari Haran
Binance US Temporarily suspends USD fiat withdrawals which has been made as an announcement today: they will be in effect from June 13th.
This news is sure to come as a surprise to many customers who depend on the platform for their cryptocurrency trading needs, so it’s important to understand the reasons behind this decision and what steps you can take if you’re affected.
Lets see the implications of this announcement and provide information about other withdrawal options available.
Why is Binance US doing this?
Binance US has announced that it will temporarily suspend USD fiat withdrawals from June 13, 2023.
This decision has been taken as a result of technical issues that the platform is currently facing with its USD payment provider. Binance US has assured its users that it is working on resolving the issue as soon as possible and will resume USD fiat withdrawals as soon as it is able to do so.
In the meantime, Binance US users can continue to trade and deposit funds as normal.
However, any USD funds that are deposited during this time will not be available for withdrawal until the suspension is lifted. Binance US has suggested that users consider alternative cryptocurrency withdrawal options during this time, such as stablecoins like BUSD or PAX.
It is worth noting that Binance US’s decision to temporarily suspend USD fiat withdrawals is a precautionary measure that has been taken in order to ensure the security and integrity of its platform.
Binance US takes the security of its users’ funds and personal information very seriously and is committed to maintaining a high level of security at all times.
Binance US’s decision to temporarily suspend USD fiat withdrawals is a necessary step that has been taken in order to ensure that the platform is functioning at the highest possible level of security and efficiency. Binance US is working to resolve the issue as quickly as possible and will update users as soon as more information becomes available.
When will this take effect?
It is important to note that users will still be able to deposit USD fiat and trade on the platform as usual.
Any pending withdrawals or requests made after the suspension date will be put on hold until the suspension is lifted. Binance US will keep its users updated on any changes or developments regarding this suspension.
For users of Binance US, this temporary suspension of USD fiat withdrawals means that they will not be able to withdraw USD from their accounts using wire transfers or Automated Clearing House (ACH) transfers.
However, users can still deposit USD through wire transfers or ACH transfers, as well as trade cryptocurrencies with USD.
This suspension will not affect crypto-to-crypto transactions or withdrawals.
Users who have pending USD fiat withdrawals will have until June 13th to complete their transactions, after which point all withdrawals will be suspended until further notice.
Binance US has assured users that their funds remain safe and secure during this period of suspension, and that the platform will provide updates as soon as the issue has been resolved.
It’s worth noting that Binance US has not provided a specific reason for this suspension, although it has cited “banking issues” as the cause. As such, it remains unclear when the suspension will be lifted.
For users who rely on USD fiat withdrawals for their trading and investing activities, this news may be concerning. However, Binance US remains a reputable and trusted cryptocurrency exchange, and it’s likely that this suspension is a temporary measure that will be resolved in due course.