Crypto giant Binance's US affiliate halts direct dollar withdrawals (2024)

FAQs

Did Binance halt US withdrawals? ›

Oct 17 (Reuters) - The U.S. unit of cryptocurrency exchange Binance has halted withdrawal of dollars by its clients from the platform, its updated terms showed on Monday. In early June, Binance.US had halted dollar deposits, after the U.S. Securities and Exchange Commission (SEC) asked a court to freeze its assets.

Occasionally, we may need to lock your account if you have made recent changes to it. For example, if you have reached out to our team to reset your two-factor authentication, or you have changed your password, we will temporarily disable your ability to withdraw.

There are a few reasons why you might see this error message, such as network congestion, server downtime, or a temporary maintenance issue. If you see this message, it's best to wait a few minutes and try again. If the problem persists, you can try contacting Binance customer support for assistance.

The original Binance platform is no longer available to U.S.-based users. Instead, users in the United States must use the Binance.US platform.

Users cannot withdraw USD without first converting it to stablecoins or another digital asset.

“Binance's and Zhao's willful violations of anti-money laundering and sanctions laws threatened the U.S. financial system and our national security, and each of them has now pleaded guilty. Make no mistake: when you place profits over compliance with the law, you will answer for your crimes in the United States.”

Consider withdrawing your crypto.

Ultimately, the most effective way to protect your crypto is to just take it out of the Binance exchange completely. Withdraw it into your private wallet, and store the seed words to your wallet in a secure location within your house.

No, you cannot transfer crypto directly from Binance to your bank account. Binance, like many other exchanges, requires you to first sell your crypto for a fiat currency (such as USD or EUR).

Binance is a cryptocurrency exchange where registered users can trade cryptocurrencies. At some superficial level, Binance works with law enforcement offices in the United States to help them seize assets for civil asset forfeiture proceedings when it suits Binance.

Binance restricts withdrawals for various reasons, including abnormal user profiles, transaction patterns, operating behavior, devices, or environmental factors. For example, Binance may temporarily disable your account's withdrawals if you repeatedly send funds to a blacklisted address.

How long until I can withdraw from Binance? ›

In terms of withdrawal time, it can vary depending on the cryptocurrency and the network congestion. However, Binance typically processes withdrawals within 30 minutes. If you've made a withdrawal and the status is still marked as "Pending," it's best to contact Binance customer support for assistance.

At the moment, we haven't detected any problems at Binance.

The American branch of Binance, the giant cryptocurrency exchange, said late on Thursday that it would no longer allow customers to trade on its platform using U.S. dollars, after its banking partners cut the firm off in response to a crackdown by federal regulators.

Yes, you can use Binance in the US. But the American version of the platform (Binance.US) is quite limited compared to the international one. Also, Binance is entirely banned in several states, including New York, Texas, Louisiana, Hawaii, Idaho, and Vermont.

Binance agreed to a complete exit from the U.S. as part of the settlement, although an official said that BAM Trading was not affected by the agreement.

Binance restricts withdrawals for various reasons, including abnormal user profiles, transaction patterns, operating behavior, devices, or environmental factors. For example, Binance may temporarily disable your account's withdrawals if you repeatedly send funds to a blacklisted address.

While Binance.US no longer supports USD services, you can open an account with another trusted platform that allows you to buy crypto with USD. Be sure to choose a platform that allows you to transfer crypto into and out of the platform. Then, simply deposit the crypto you purchased to Binance.US.

Binance.US is available to most U.S. residents, unlike parent company Binance. But there are some restrictions. The exchange isn't available in Alaska, American Samoa, Hawaii, Maine, New York, the Northern Mariana Islands, Texas, the U.S. Virgin Islands and Vermont.

Banks have signaled that they will stop working with the company's American branch, it said, after the Securities and Exchange Commission sued it this week.