Binance.US Changes Terms: No More Direct Withdrawals Of US Dollars From Platform

Binance.US has altered its terms of use. The exchange now prohibits the direct withdrawal of U.S. dollars from its platform.

According to an update posted by the exchange on Monday, users wishing to pull out their U.S. dollar funds must first convert these into stablecoins or other digital assets before processing a withdrawal.

This development follows the platform's earlier suspension of dollar deposits in June, citing the U.S. Securities and Exchange Commission's (SEC) stern measures against the cryptocurrency realm, which deterred banking associates from associating with the industry.

Binance.US had previously cautioned its user base about potential disruptions in dollar withdrawals due to apprehensions from its banking partners, hinting at a possible halt by Jun. 13.

The SEC had taken legal action against Binance.US, its global counterpart Binance, and its founder Changpeng Zhao on June 5, accusing them of running unregistered securities operations.

This development and its implications will be one of the many focal points at the upcoming Benzinga's Future of Digital Assets conference on Nov. 14.

Adding to their list of challenges, Binance also parted ways with its euro payments collaborator last month, and there's no information yet about a successor in line.

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