![]() More USDT trading pairs were also disclosed, with the addition of ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL on June 26.īinance.US also made clear that the majority of “USD Advanced Trading pairs” would be taken off the platform. The company notified that any remaining USD balances in client accounts could be converted into Tether crypto later. It also urged any clients who had unsuccessful withdrawal requests to resubmit their requests, while issuing a warning that the relief would not last indefinitely.Īs it transforms into a crypto-only exchange, Binance.US is also pushing its users to “use, withdraw, or convert your USD to a stablecoin to continue crypto-to-crypto trading.” dollar withdrawal requests are anticipated to resume processing within five business days. In its latest customer update on June 22, the purportedly autonomous Binance subsidiary stated that its system is still fully functional and that U.S. Binance.US Customer Support June 22, 2023 While USD withdrawals remain fully operational, we encourage you to use, withdraw, or convert your… /LWDWVvwtoq Reminder: As we transition to a crypto-only exchange, will remove select USD Advanced Trading pairs from our platform on 6/26 at 8 p.m. and our business partners have not been spared in the use of these tactics, which has created challenges for the banks with whom we work.” The June 9 announcement by Binance.US reads, “The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. In addition, Binance.US is “notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023.” More Details on the Announcement The company stated that it has suspended USD deposits to safeguard its clients and platform. However, the notification did provide a warning that any delays in processing withdrawals “may be the result of elevated volumes and weekend bank closures.” It also confirmed that cryptocurrency trading, staking, deposits, and withdrawals are still fully functional. The business also said it intended to switch to a cryptocurrency-only exchange while keeping a 1:1 ratio for client funds. On June 9, Binance.US declared that the Securities and Exchange Commission’s “extremely aggressive and intimidating tactics” had compelled them to act. "There is no hidden revenue, there is no spread for Binance.US, and there is no fees on it, so it's a very unique proposition that we're coming out to market with," Shroder said, adding that it could to roll out its zero-trading fees to other coins on its platform over time.Join Our Telegram channel to stay up to date on breaking news coverageīinance.US has informed its customers of an impending halt to fiat (USD) withdrawal channels as early as June 13 and has announced the suspension of US dollar deposits. That means users of Binance.US are directly trading bitcoin with other users on the platform, meaning that the crypto exchange is not directly involved in bitcoin trades on its platform. This is why what we're doing is so different because we're doing zero fees on our actual spot order book itself," Shroder explained at the Toronto-based Collision conference. ![]() ![]() But what I think most people don't realize is there's a hidden fee in the spread itself. When these orders are aggregated, the brokerage is paid for routing the order flow to the market maker and the market maker is able to collect a small spread on the difference between the bid and the ask of the security being traded. The PFOF practice entails Robinhood directing user's trade orders to preferred market makers that then execute the trade on Robinhood's behalf.
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