Cryptocurrency Q&A
Why can't I withdraw USD from Binance?
Why can't I withdraw USD from Binance?
KpopHarmony
Mon May 20 2024
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6 answers
1089
I've been using Binance for a while now and it's been pretty smooth sailing until recently. I've accumulated a decent amount of USD in my Binance wallet and now I'm trying to withdraw it to my bank account, but I'm running into some issues. It seems like no matter what I do, I can't seem to get the funds out. I've double-checked all my information, including my bank details and my Binance account settings, and everything seems to be in order. I've also tried reaching out to Binance's customer support, but they haven't been much help either. Could it be a technical glitch? Or is there some kind of withdrawal limit that I'm not aware of? I'm just really confused and frustrated right now. Can anyone offer any insight or advice on what I should do? I really need to get these funds out of Binance and into my bank account.
6 answers
BlockchainVisionary
Wed May 22 2024
Effective immediately, users will no longer be able to withdraw US dollars directly from their accounts. Instead, a mandatory conversion process must be undergone, whereby USD funds must be converted into stablecoins or another approved digital asset.
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Ilaria
Wed May 22 2024
This move reflects the company's commitment to enhancing the security and stability of its platform. By encouraging the use of stablecoins, the exchange aims to mitigate risks associated with volatile cryptocurrency markets.
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emma_lewis_pilot
Wed May 22 2024
It's worth noting that this change does not apply to deposits. Users can still deposit USD into their accounts as usual, but withdrawals will require a conversion step.
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EchoWave
Wed May 22 2024
In a recent update to their terms of service, the company has announced a significant change in their withdrawal policy. This modification aims to align with the evolving nature of digital finance and cryptocurrency operations.
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GwanghwamunGuardian
Wed May 22 2024
Additionally, it's important to understand that this policy update also impacts insurance coverage. Unlike traditional bank accounts, which are typically insured by the Federal Deposit Insurance Corporation (FDIC), .US currency deposits at this exchange are no longer eligible for such protection.
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