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Binance is not available on Deel. What should we do now? Learn about the impact of Binance BUSD withdrawal on Deel and its community members. Discover the Deel to Binance transfer method for withdrawing stablecoins.
Binance is not available on Deel. What should we do now?
In November 2023, the cryptocurrency community faced a significant turning point. Binance, one of the leading crypto exchanges, announced a decision that sent ripples across the global payroll industry: the gradual end of support for its BUSD stablecoin. This move had profound implications, particularly for platforms like Deel, which had integrated BUSD into their payroll processing systems.
Deel, known for its innovative approach to facilitating global payroll, had become a go-to solution for companies looking to pay their contractors in cryptocurrencies, including BUSD. BUSD's stability and reliability had made it a preferred choice for many of Deel's users, especially for those who are underbanked. Therefore, Binance's announcement was not just a policy update; it was a fundamental disruption to the established payroll processes.
For contractors relying on Deel for their payments, the withdrawal of BUSD support by Binance was more than an inconvenience; it was a challenge to their financial operations. Binance's statement indicated that after November 3rd, 2023, it would no longer accept BUSD as a supported withdrawal method. This meant that contractors who hadn't added BUSD to their Deel profiles prior to this date would lose access to this payment option. Even for those who had added Binance to their profiles, the window was closing fast, with withdrawals only possible until December 31st, 2023.
The implications of this change were far-reaching. For businesses and contractors operating in a global context, the stability offered by BUSD had been a key factor in managing cross-border transactions and mitigating the risks associated with currency fluctuations. The decision by Binance to cease support for BUSD, driven by the regulatory pressures and their future strategy, necessitated a rapid search for alternative solutions. This change not only affected the immediate cash flow but also raised concerns about the stability and reliability of crypto-based payroll systems.
With Binance's withdrawal of support for BUSD, businesses and contractors using Deel facing a critical juncture. The quest for alternatives is not just about finding another cryptocurrency but about seeking a solution that matched, or even surpassed, the stability and reliability Deel with BUSD had offered.
Deel's reliance on Coinbase and Binance had its constraints. Coinbase, while popular, primarily catered to U.S. users, which posed limitations for a global user base. With Binance's shift away from BUSD, these limitations were brought into sharper focus, revealing a gap in the market for a more universally accessible crypto payroll solution in Europe and overseas contractors.
Archway Finance emerged as a prominent alternative in this scenario. Unlike Deel, Archway Finance is not bound to the constraints of specific exchanges. It offered a universal solution, allowing companies to continue using fiat currencies like EUR and GBP for payments while enabling contractors to receive their earnings in stablecoins.
Archway’s non-custodial payout approach meant that any user could use any wallet for their transactions. This level of flexibility was a marked departure from the more rigid structures of traditional platforms and was crucial for users seeking greater control over their financial transactions.
Further broadening its appeal, Archway Finance supported transactions on both the ERC20 and TRX20 networks, catering to a diverse user base. This wide network compatibility was not just a technical feature; it was a commitment to inclusivity in the crypto payroll space.
In a world where time is of the essence, Archway Finance stood out for its promise of swift transactions. The conversion of EUR to USDT, for instance, took only minutes, a crucial factor for businesses and contractors who rely on timely payments.
The withdrawal of Binance BUSD affects Deel community members by impacting the ability to transfer stablecoins easily between Deel and Binance. This necessitates the use of other digital currencies or payment methods for international transactions and freelancers.
Freelancers and contractors can withdraw money from their Deel account using alternative methods such as bank transfers, Payoneer, PayPal, Archway Finance, or by converting their digital currency to USD or other supported currencies. Deel supports multiple withdrawal methods to ensure flexibility.
Yes, there are fees associated with withdrawing money from Deel to other platforms. These fees vary depending on the withdrawal method and the provider used. It's advisable to check the specific fee structure on Deel's platform for accurate information.
After the withdrawal of Binance BUSD, you can use alternative stablecoins such as USDT for transferring funds between Deel and Binance. These stablecoins are widely accepted and can be used for efficient digital transactions. Additionally, Archway Finance supports USDT stablecoin, providing another robust option for Deel users. Besides, through Archway, you can do it legally by paying official invoices while getting paid in USDT.
The withdrawal of Binance BUSD might not directly affect real-time payments or instant card services offered by Deel. However, in order to receive payments consistently, it is important to explore alternative digital currencies and payment methods that Deel supports, including Archway Finance, to ensure smooth transactions.
The Deel Advance feature for freelancers will continue to operate, but users need to be aware of the available payment options and potential changes in supported digital currencies. Alternatives like direct bank transfers, using Payoneer and PayPal, and the invoice system through Archway Finance are still available.
Compliance remains a priority for Deel despite the withdrawal of Binance BUSD. Freelancers and contractors should ensure that any digital currency or payment methods they use comply with local regulations and Deel's compliance requirements. Archway Finance, with our approach to payments with official invoices for freelancers, has already emphasized international compliance.
While Binance BUSD will no longer be supported, no, you can’t do that. Additionally, due to the unpredictability of events, we suggest exploring alternative cryptocurrencies such as USDT as well as the comprehensive solutions offered by Archway Finance for seamless transactions after 2023.
If you are not ready to get started with alternative stablecoins, you can opt for traditional payment methods such as bank transfers, PayPal, Payoneer. However, high fees, long verifications, and poor user support can create even more problems. Using Archway Finance for transactions, your customer can send money in euros or pounds and you will receive payment in one of the most stable crypto-coins. Deel offers a variety of payment options and the Archway system is a good fit here.
