Binance.US users face changes as the platform modifies its withdrawal processes due to recent updates in its terms of use. Now, users are unable to withdraw dollars directly from the platform. Instead, the new terms state that if customers wish to withdraw U.S. dollar funds, they must convert them to stablecoins or other digital assets before initiating the withdrawal.
This adjustment comes after the platform suspended dollar deposits in early June, attributing it to the "extremely aggressive and intimidating tactics" of the U.S. Securities and Exchange Commission (SEC). These tactics, according to Binance.US, have made banking partners hesitant to engage with the crypto industry.
In a communication to users, Binance.US also cautioned about the possibility of banking partners pausing dollar withdrawals as early as June 13. This move is part of the aftermath of the SEC filing a lawsuit against Binance.US, the international arm Binance, and its founder Changpeng "CZ" Zhao on June 5. The SEC alleges the operation of unregistered securities platforms and has raised concerns about the company's custody practices and willingness to cooperate in legal matters.
It's noteworthy that Binance faced additional challenges recently, losing its euro payments partner, although a replacement is yet to be announced. This series of developments highlights the ongoing regulatory pressures and challenges faced by the cryptocurrency industry.