Binance.US, the U.S. subsidiary of Binance, has introduced changes to its withdrawal options. Dollar withdrawals on the platform have been halted, but users can still access their funds through alternative means. Binance.US clarified that users can withdraw U.S. dollar funds by converting them to stablecoins or other digital assets, which can then be withdrawn.

This decision comes after Binance temporarily suspended fiat withdrawals in early June and anticipated converting remaining USD balances into stablecoins. The SEC’s legal action against Binance in June, including accusations of falsifying trading figures and mishandling client funds, has raised concerns about the future of its U.S. branch. Binance denies these allegations.

The recent changes align with updates to Binance’s terms of use in response to guidance from the Federal Deposit Insurance Corporation (FDIC). The SEC has filed a lawsuit against Binance, its CEO Changpeng Zhao, and the operations of Binance.US, accusing them of participating in a “complex network of deceit,” inflating trading volumes artificially, and diverting customer funds. Binance has challenged the SEC’s approach to industry regulation as aggressive and misinformed.