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Binance.US users now possess the option to “potentially convert” their holdings in U.S. dollars into stablecoins or alternative digital assets to effectuate withdrawals from their accounts, as indicated by the company.
The cryptocurrency exchange Binance.US has recently refined its terms of service, subtly indicating a shift away from supporting direct withdrawals in United States dollars on its platform. This update, dated October 16, entailed modifications to the segment concerning the “BAM Fiat Wallet,” which pertains to Binance.US services linked to the custody of U.S. dollars. Within the revised terms, Binance.US articulated that users possess the option to “potentially convert” their U.S. dollar holdings into stablecoins or other digital assets for the purpose of withdrawing funds from their accounts. Several cryptocurrency enthusiasts resorted to X (formerly Twitter) to corroborate the alteration in the terms of service on Binance.US. One crypto observer remarked on X, “Binance apprehends USD. No cause for concern; you can procure Tethers conjured out of thin air or opt for other cryptocurrencies.”
In resonance with prior updates to the terms of service, Binance.US underscored that digital assets do not qualify for insurance protection from the Federal Deposit Insurance Corporation (FDIC). “In the event of the termination of our association with a USD custodian, and the inability to secure an alternative USD custodian, we will furnish notice and a stipulated timeframe for the <a rel="noopener noreferrer nofollow" title="withdrawal" href="https://thebittimes.com/tag/withdrawal.html">withdrawal</a> of U.S. dollar deposits,” Binance.US communicated in an update on May 5, 2023. The company appended: “Any U.S. dollar deposits not withdrawn by the specified deadline will be transformed into <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> digital assets and seamlessly transferred to your digital assets account.” The most recent revisions to Binance.US’ terms of service markedly deviate from a version published in May 2023. During that period, the page contained now-omitted details indicating that BAM — the operator of Binance.US — is not affiliated with the FDIC, is not a bank, but has “collaborated with the USD custodians” to ensure the safekeeping of U.S. dollar deposits by custodians in omnibus accounts at FDIC-insured banks. Contingent on the compliance of BAM and the U.S. dollar custodian, BAM aspires for the funds to qualify for FDIC insurance coverage, capped at $250,000 per eligible individual, “a provision applicable only in the event of a bank failure,” as stipulated in the terms of use from May 2023, which further elaborated: “In the event of a bank failure […] there exists the possibility that your account(s) with the bank and the fiat […] will be consolidated for the purpose of determining your eligibility for FDIC deposit insurance. It’s imperative to note that FDIC insurance does not extend protection against the failure of BAM or any malfeasance committed by a BAM employee.” Binance.US refrained from an immediate response to Cointelegraph’s <a rel="noopener noreferrer nofollow" title="request" href="https://thebittimes.com/tag/request.html">request</a> for comment.
This development is yet another illustration of Binance.US grappling to sustain its fiat on-ramps and off-ramps, given its cessation of certain U.S. dollar operations over the preceding year. In June 2023, Binance.US suspended U.S. dollar deposits, apprising its clientele of an imminent pause in fiat withdrawal channels. The company subsequently claimed resolution to U.S. dollar withdrawal complications but cautioned that it could be a provisional remedy.
The post For <a rel="noopener noreferrer nofollow" title="withdrawals" href="https://thebittimes.com/tag/withdrawals.html">withdrawals</a>, <a rel="noopener noreferrer nofollow" title="Binance.US requests" href="https://thebittimes.com/tag/binance-us-requests.html">Binance.US requests</a> that <a rel="noopener noreferrer nofollow" title="users" href="https://thebittimes.com/tag/users.html">users</a> <a rel="noopener noreferrer nofollow" title="convert" href="https://thebittimes.com/tag/convert.html">convert</a> <a rel="noopener noreferrer nofollow" title="USD into stablecoins." href="https://thebittimes.com/tag/usd-into-stablecoins.html">USD into stablecoins.</a> appeared first on BitcoinWorld.
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/for-withdrawals-binance-us-requests-that-users-convert-usd-into-stablecoins-tbt67065.html">https://thebittimes.com/for-withdrawals-binance-us-requests-that-users-convert-usd-into-stablecoins-tbt67065.html</a>

For withdrawals, Binance.US requests that users convert USD into stablecoins.

TheBitTimes

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