cryptodnes.bg
Amid ongoing regulatory scrutiny, crypto exchange Binance.US has officially suspended all USD withdrawals.
The platform no longer allows direct dollar withdrawals due to a change to the terms of service that went into effect this week.
Users were notified of these changes by email. In the announcement, they outlined the new requirement for Binance.US users to convert their dollars into “stablecoins or other digital assets' before they are eligible for withdrawal. In addition, the revised terms state that US dollar deposits are no longer covered by FDIC insurance.
Over the past few months, Binance has been embroiled in regulatory issues with US authorities, facing lawsuits over its operations in the country. These developments forced the platform to suspend some withdrawal services after it suspended dollar deposits earlier this summer.
The email reads:
If customers wish to withdraw USD funds from their account, they can do so by converting USD funds into stablecoins or other digital assets that can then be withdrawn.
When Binance suspended dollar deposits, they noted that the US Securities and Exchange Commission had taken an "extremely aggressive" stance against the company. As a result, the banking partners of the platform did not wish to continue their participation. This situation unfolded after the lawsuit filed by the Securities and Exchange Commission against Binance.US in June.