Binance.US Stops Direct Dollar Withdrawals

Binance.US has halted direct US dollar withdrawals
from the platform. This change follows a series of regulatory actions by the US
Securities and Exchange Commission (SEC). As a result, Binance.US’ users are
now required to convert their US dollar holdings into stablecoins or other
digital assets for withdrawal.

This decision was disclosed in the exchange’s
updated terms of use, which came into effect yesterday (Monday). However, this
is no longer the case under the new terms. Previously, US dollar deposits in
Binance.US’ user wallets were covered by FDIC insurance protection, a safeguard
that has now been eliminated.

“Your accounts and digital assets are not
eligible for FDIC insurance protections,” the crypto exchange indicated.
“In the event you wish to withdraw US dollar funds from your Account, you
may convert such US dollar funds to stablecoin or other digital assets, which
can subsequently be withdrawn.”

In June, the US affiliate of the global crypto
exchange Binance suspended USD deposits, accompanied by a notification to its
customers regarding the impending pause of fiat withdrawal channels. The
exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term cited its intentions to safeguard its customers and the platform
amidst growing regulatory concerns.