{"id":154658,"date":"2023-10-17T11:42:46","date_gmt":"2023-10-17T11:42:46","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=154658"},"modified":"2023-10-17T11:42:48","modified_gmt":"2023-10-17T11:42:48","slug":"binance-us-users-face-usd-withdrawal-issues","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/binance-us-users-face-usd-withdrawal-issues\/","title":{"rendered":"Binance.US Users Face USD Withdrawal Issues"},"content":{"rendered":"<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\"><strong>Binance.US, the American branch of the world\u2019s largest cryptocurrency exchange, has announced some major changes to its terms of service (ToS)<\/strong> that may affect its users\u2019 ability to withdraw USD and access FDIC insurance.<\/span><\/p>\n<p><!--more--><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">Binance.US Continues to Struggle Due to Regulatory Pressure<\/span><\/h2>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">According to a tweet by crypto trader Asher Hopp, Binance.US has <a href=\"https:\/\/www.binance.us\/terms-of-use\" target=\"_blank\" rel=\"noopener\">updated<\/a> its ToS to state that it no longer holds USD, users who previously deposited USD can no longer withdraw it, and there is no longer any FDIC insurance for crypto deposits.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">This is the email Binance sent to customers informing them that their USD has been rugged from real USD into BNB\/BUSD <a href=\"https:\/\/t.co\/5EAhyic9GP\" target=\"_blank\">pic.twitter.com\/5EAhyic9GP<\/a><\/p>\n<p>&mdash; Asher Hopp (@AsherHopp) <a href=\"https:\/\/twitter.com\/AsherHopp\/status\/1714120717468569650?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">October 17, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">The tweet also included a screenshot of an email Binance.US sent to its customers, informing them that their USD holdings have been converted into BNB\/BUSD, the native token and stablecoin of Binance.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-154673\" src=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/10\/CEP2-10.jpg\" alt=\"Binance.US Users Face USD Withdrawal Issues\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/10\/CEP2-10.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/10\/CEP2-10-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/10\/CEP2-10-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">The only option for users who want to withdraw fiat from Binance.US is to send BUSD, a stablecoin pegged to the US dollar and issued by Paxos Trust Company.\u00a0<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">However, <strong>Hopp questioned the regulatory status of BUSD in the US, suggesting that it may be an unregistered security.<\/strong> This concern was heightened by the fact that Binance announced in August that it would end support for BUSD in 2024, as Paxos will discontinue the redemption of BUSD by February 2024.<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">This is not the first time that Binance.US has faced regulatory challenges in the US. In June, the exchange was reportedly under investigation by the US Department of Justice and the Internal Revenue Service for possible tax evasion and money laundering.\u00a0<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">In July, Binance.US CEO Brian Brooks resigned after less than four months on the job, citing differences over strategic direction. In September, Binance.US temporarily suspended crypto withdrawals due to network issues.<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\"><strong>These events indicate that <a href=\"https:\/\/crypto-economy.com\/binance-exchange-review-complete-guide\/\" target=\"_blank\" rel=\"noopener\">Binance<\/a> is facing increasing pressure from regulators around the world, as it tries to balance its global expansion and compliance efforts.<\/strong> Users of Binance and its affiliates should be aware of the risks and uncertainties involved in dealing with such a complex and dynamic platform.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance.US, the American branch of the world\u2019s largest cryptocurrency exchange, has announced some major changes to its terms of service (ToS) that may affect its users\u2019 ability to withdraw USD and access FDIC insurance.<\/p>\n","protected":false},"author":32,"featured_media":154674,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[74,102],"tags":[5256,5179],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/154658"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=154658"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/154658\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/154674"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=154658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=154658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=154658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}