Binance US, the US-based cryptocurrency exchange, has temporarily halted withdrawals in US dollars. Users who wish to withdraw their USD funds will need to convert them into stablecoins or other cryptocurrencies before making the withdrawal. The exchange made this update to its terms of use on Tuesday, stating that users can access their USD funds through BAM-issued stored value wallets denominated in US dollars (BAM Fiat Wallets). Binance US clarified that if users want to withdraw their US dollar funds, they will first need to convert them to stablecoins or other digital assets, which can then be withdrawn.
This move comes after Binance US suspended US dollar deposits in June following a court order initiated by the US Securities and Exchange Commission (SEC) to freeze its assets. While the exchange managed to avoid asset freezing, its share of the total US crypto trading volume has seen a significant decline. On July 17, Binance US announced that US dollar withdrawals have been restored, but urged users to convert their USD balances to stablecoins for ongoing crypto-to-crypto trading on the platform. The SEC has filed 13 charges against Binance, CEO Changpeng Zhao, and BAM Trading Services, including operating unregistered exchanges, broker-dealers, and clearing agencies.
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