Cryptocurrency exchange Binance has announced that it will temporarily suspend deposits and withdrawals in US dollars using bank transfers from February 8th.
According to Binance’s Twitter post, wire transfers using other fiat currencies, including the euro, will not be affected. All other ways of buying and selling crypto assets also remain valid. The support team of the exchange clarified that the suspension only applies to international users of Binance, and customers of the US division of the exchange, Binance.US, will not be affected.
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
The reason for the suspension was not named. Binance management noted that only 0.01% of monthly active users of the site use bank transfers in US dollars. However, the Binance team is working hard to make this feature available to customers as soon as possible.
Recently, Signature Bank, Binance’s SWIFT transfer partner, announced that it will process trades from traders with USD bank accounts starting February 1 as long as their transaction amount is less than $100,000. Therefore, the marketplace is now looking for a new banking partner. In early February, Binance published a list of 144 countries where USD SWIFT transfers will be suspended, regardless of their amount.
Source: Bits
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