Binance US Halts All Withdrawals Of US Dollars

Tuesday, October 17, 2023, 02:22:53 PM

Binance.US, a prominent crypto exchange, today announced changes to its terms of use, effectively preventing users from directly withdrawing U.S. dollars from their accounts. As per the updated terms, users seeking to withdraw dollars must first convert these funds to stablecoins or other digital assets, which can then be withdrawn.

The move comes after Binance.US had, earlier in June, ceased dollar deposits, pointing to the U.S. Securities and Exchange Commission’s (SEC) assertive stance on the cryptocurrency industry. Binance.US at the time further hinted that banking partners might stop dollar withdrawals by June 13. This hardline approach by the SEC has led many banking partners to hesitate in their dealings with the crypto sector.

The modified terms of service recently posted to Binance’s website.

“In the event that customers wish to withdraw U.S. dollar funds from their account, they may do so by converting U.S. dollar funds to stablecoin or other digital assets, which can subsequently be withdrawn,” the company said in a statement.

READ: Binance.US Sees CEO Resign, Cuts Third Of The Workforce, Then Blames The SEC

To compound matters, Binance.US users also learned today that their U.S. dollar funds held in Binance.US wallets would no longer enjoy protection from the Federal Deposit Insurance Corporation (FDIC).

Binance US users can no longer withdraw dollars directly from the platform.

Also,

More than 100 accounts on Binance have now been frozen at the request of Israeli law enforcement.

Well…
— Gold Telegraph ⚡ (@GoldTelegraph_) October 17, 2023

Too late to withdraw your dollars from Binance US.

Now you can just withdraw shitcoins, so who gets the USD if nobody can withdraw it? https://t.co/6qGnHSJirU
— Bitfinex'ed 🔥🐧 Κασσάνδρα 🏺 (@Bitfinexed) October 17, 2023

If you put US Dollars into a Binance US account, this change of the terms of service means you are never going to see those US Dollars again.

To get ‘your’ money out of that Binance US account, the company is going to force you to exchange/convert the US dollars they now won’t…
— Brian Cates – Political Columnist & Pundit (@drawandstrike) October 17, 2023

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