Crypto exchange Binance.US has updated its terms of service, hinting that direct withdrawals in U.S. dollars are no longer supported on the platform.
Binance.US users “may convert” their U.S. dollar holdings to stablecoins or other digital assets to withdraw the funds from their accounts, the firm said.Cryptocurrency exchange Binance.US has updated its terms of service, hinting that direct withdrawals in United States dollars are no longer supported on the platform.its terms of service on Oct. 16, modifying the section about the “BAM Fiat Wallet,” referring to Binance.US services related to U.S. dollar custody.
Some cryptocurrency enthusiasts took to X to confirm the terms of service’s change on Binance.US. “Binance seizes USD. Don’t worry you can buy Tethers printed out of thin air or shitcoins,” one crypto observer wrote on X.Similarly to previous terms of service updates, Binance.US stressed that digital assets are not eligible for insurance protection by the Federal Deposit Insurance Corporation .
“Any U.S. dollar deposits that are not withdrawn by the deadline provided in the notice will be converted to stablecoin digital assets and transferred to your digital assets account.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Binance.US says its users can’t directly withdraw their crypto holdings in cash.CoinDesk notes that Binance.US just updated its terms of service, saying users can only withdraw funds in the form of stablecoins or other crypto instead of US dollars. Oh, and that US dollar funds in Binance.US wallets are not protected by FDIC insurance.
Read more »
The SEC is suing crypto giant Binance, here’s all the detailsA busybody looks through the SEC’s legal complaint against the world’s largest crypto exchange to find the funniest quotes. In real time, no less.
Read more »
Crypto giant Binance's US affiliate halts direct dollar withdrawalsThe U.S. unit of cryptocurrency exchange Binance has halted withdrawal of dollars by its clients from the platform, its updated terms showed on Monday.
Read more »
Why Binance, Coinbase, Ripple and Other Crypto Firms Cite the ‘Major Questions’ Doctrine During Legal ImbrogliosDaniel Kuhn is a deputy managing editor for Consensus Magazine. He owns minor amounts of BTC and ETH.
Read more »
USD/JPY gains traction above 149.60 amid the renewed USD demand, US Retail Sales loomsThe USD/JPY pair holds positive ground around 149.60 during the early European trading hours on Tuesday. A renewed US Dollar (USD) demand and a recove
Read more »
USD/CHF holds above the 0.9000 area amid renewed USD demand, US Retail Sales loomsThe USD/CHF pair snaps a two-day losing streak during the early Asian session on Tuesday. The recovery of US Treasury yields lends some support to the
Read more »