Binance’s US Affiliate Suspends Direct Dollar Withdrawals


Summary: The US affiliate of cryptocurrency exchange Binance has announced that it is no longer allowing clients to withdraw dollars directly from the platform. Instead, customers are advised to convert their funds into stablecoins or other digital assets before making withdrawals.

Binance.US, the American unit of popular cryptocurrency exchange Binance, has made changes to its terms and conditions, stating that it will no longer support direct withdrawals of dollars by its clients. This comes after Binance.US had already suspended dollar deposits in early June, following legal action by the US Securities and Exchange Commission (SEC). The SEC had filed a lawsuit against Binance and its CEO, accusing them of various charges including market manipulation and misappropriation of customer funds.

As a result, users who wish to withdraw US dollar funds from their Binance.US accounts will now have to convert their dollars into stablecoins or other digital assets, and then proceed with the withdrawal. However, Binance.US has not provided any further details regarding this change and has not responded to requests for comment from Reuters.

Coindesk, a popular crypto news outlet, was the first to report on this development. It is worth noting that Binance.US is separate from the main Binance exchange and operates independently within the United States. The recent legal action taken by the SEC has put pressure on Binance and its various operations around the world, resulting in increased scrutiny from regulators and authorities.

Tags: Binance, cryptocurrency exchange, dollar withdrawals, Binance.US, SEC