Users cannot withdraw USD without first converting it to stablecoins or another digital asset.
Binance US notified users of the update via email and provided detailed instructions.
Binance US has implemented fundamental changes to its financial activities in the USA. The exchange is no longer allowing users to make direct withdrawals in US dollars as of this week.
As stated in their revised terms of service, they will no longer let users withdraw USD without first converting it to stablecoins or another digital asset. Importantly, unlike conventional financial guarantees, US currency deposits are no longer covered by the Federal Deposit Insurance Corporation (FDIC).
Regulatory Concerns
The decision comes after months of increased scrutiny from US authorities, which has presented the corporation with significant operating obstacles. Binance US has been the target of several lawsuits over its financial dealings, prompting a review of its offerings. As a result, dollar deposits were froze
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