- Impact
- 8,461
Binance.US users can no longer withdraw dollars directly from the platform after the exchange updated its terms of use on Monday.
"In the event that customers wish to withdraw U.S. dollar funds from their account, they may do so by converting U.S. dollar funds to stablecoin or other digital assets, which can subsequently be withdrawn," the email said.
Monday's terms of use update also said U.S. dollar funds in Binance.US wallets are no longer protected by deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC).
Source: https://www.coindesk.com/policy/2023/10/17/binanceus-halts-direct-dollar-withdrawals/
A bad news for US citizens
On the other hand, it probably opens the door to economic opportunity: using crypto for payments [which it is intended for!] rather than constantly buying-selling it... Just imo
"In the event that customers wish to withdraw U.S. dollar funds from their account, they may do so by converting U.S. dollar funds to stablecoin or other digital assets, which can subsequently be withdrawn," the email said.
Monday's terms of use update also said U.S. dollar funds in Binance.US wallets are no longer protected by deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC).
Source: https://www.coindesk.com/policy/2023/10/17/binanceus-halts-direct-dollar-withdrawals/
A bad news for US citizens
On the other hand, it probably opens the door to economic opportunity: using crypto for payments [which it is intended for!] rather than constantly buying-selling it... Just imo
