Binance.US previously warned customers that withdrawal channels could be halted by June 13, but systems remain fully operational – for the time being.
Earlier this month, Binance.US, the American arm of crypto exchange Binance, announced that customers would no longer be able to deposit US dollars due its ongoing regulatory battle with the US Securities and Exchanges Commission (SEC).
It also notified customers that fiat dollar withdrawal channels could be paused as early as June 13. The good news is that this hasn’t come to fruition just yet.
In a June 22 announcement, the exchange stated it has worked with its banking partners to “resolve nearly all delayed USD withdrawal requests”, and that withdrawal systems remain “fully operational”.
The statement affirms that USD withdrawal requests are expected to be fulfilled within the “normal timeframe” of five days or less.
The exchange did however urge customers not to get too comfortable with withdrawals. While withdrawals remain operational today, Binance.US expects their banking partners to discontinue services “in the near future” as it shifts to becoming a “crypto-only exchange”.
Binance has had a rough ride over the past six months. The SEC charged Binance and its CEO, Changpeng Zhao, with 13 serious allegations, including mishandling customers’ funds, misleading investors, money laundering, and blatant disregard of securities laws. The lawsuit led to a nearly 80% dip in market depth on Binance.US.
Just four days ago, the exchange reached an agreement with the SEC to avoid an asset freeze that would have “shuttered” the business.
Binance maintains that the entire ordeal has been unfair and unnecessary. “This fight has damaged our business and our reputation but not our fighting spirit or our resolve to defend ourselves against unwarranted charges and ‘regulation by enforcement’ tactics that do not belong in our system of justice,” the exchange tweeted.
It added, “The SEC’s request would have effectively shuttered our business, which is consistent with the agency’s continued attempts to kill the crypto industry by any means, even by making allegations that are not supported by the facts.”
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