The leading US cryptocurrency exchange, Binance.US, recently announced that it has come up with a solution to address recent withdrawal issues experienced by its customers. The solution comes as a result of collaboration with its banking partners. In an update to its customers on June 22nd, Binance.US stated that the users can now withdraw their funds with ease. However, in the announcement, the exchange also made clear that it was discontinuing support for numerous crypto assets. Despite the fear of discontinuation, customers with failed withdrawal attempts are still able to receive their funds.
As it moves towards becoming a crypto-only exchange, Binance.US also stated that it will be adding more cryptocurrencies to its offerings. Furthermore, Binance.US unveiled its support for ANKR, BAL, BAND, COMP, DOT, ENJ, KAVA, LEND, LINK, STORJ, UNI, and YFI. This is scheduled to take effect on June 26th. However, it also plans to remove around 49 crypto assets from the platform on the same day. Only a handful of crypto assets – BTC, ETH, USDT, BCH, LTC, XRP, PAX, TUSD, USDC, and PAXG – will remain tradable against the dollar.
It is worth noting that Binance.US has provided a guideline for delisting certain tokens, claiming that it is a necessary step to ensure regulatory compliance. The actions taken by Binance.US underline the complex landscape of the crypto industry. Despite the momentary relief, the possibility of future service discontinuation reminds investors about the volatile nature of the market. The question remains, how will these changing dynamics shape the future of crypto trading, particularly with regard to the US dollar.
