Binance To Temporarily Suspend USD Bank Transfers: Here's When It Takes Effect

Cryptocurrency exchange Binance on Monday announced a temporary suspension of U.S. dollar deposits and withdrawals using bank accounts.

The suspension is set to begin on Wednesday, and the exact reason for this change was not disclosed.

Notably, bank transfers using other fiat currencies such as euros are not affected by this suspension.

Binance stated that only a small percentage of their monthly active customers use USD bank transfers, but the company is working hard to restart the service as soon as possible.

From February 8th, we will temporarily suspend all USD bank transfers.

Only a small proportion of our users will be impacted by this and we are working hard to restart the service as soon as possible.

All other methods of buying and selling crypto remain unaffected.

— Binance (@binance) February 6, 2023

Also Read: Binance Re-Enters South Korean Market With Acquisition Of Gopax 

Other methods of buying and selling cryptocurrency on the platform, such as through credit cards, Google Pay, and Apple Pay, remain unaffected.

Cryptocurrency companies have faced difficulties in finding banking partners to support their operations.

The recent collapse of FTX has led federal regulators to issue warnings to banks regarding the potential risks associated with doing business with crypto firms.

Binance previously reported that its banking partner, Signature Bank, will only handle transactions above $100,000 to decrease its exposure to the digital asset market.

A spokesperson for Signature Bank stated that they could not comment on client-related matters.

Now Read: Crypto Twitter Roasts Mark Wahlberg's Upcoming Documentary on Sam Bankman-Fried, Binance's CZ: 'Planet Of Bored Apes'

Photo: Binance