Crypto exchange Binance US has suspended withdrawals in U.S. dollars. Users who want to withdraw their USD funds must first convert them into stablecoins or other cryptocurrencies, which can then be withdrawn.
Binance US Updates Dollar Withdrawal Policy
Binance US, the U.S.-based cryptocurrency exchange affiliated with Binance, updated its terms of use on Tuesday. The Binance US trading platform is run by BAM Trading Services Inc., an affiliate of Binance.
The U.S.-based crypto exchange explained that users can access their USD funds through BAM-issued stored value wallets denominated in U.S. dollars (BAM Fiat Wallets). Binance US emphasized:
In the event you wish to withdraw U.S. dollar funds from your account, you may convert such U.S. dollar funds to stablecoin or other digital assets, which can subsequently be withdrawn.
In early June, Binance US suspended U.S. dollar deposits following a court order initiated by the U.S. Securities and Exchange Commission (SEC) to freeze its asset
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