Binance is suspending USD-based bank transfers Binance is suspending USD-based bank transfers
Binance said its users' could use all other methods of buying and selling crypto, including bank transfers in other fiat currencies like Euros.
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Updated: Feb. 6, 2023 at 5:14 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance is temporarily suspending US Dollar-denominated bank transfers from Feb. 8, according to an emailed statement sent to CryptoSlate on Feb. 6.
The firm said it was notifying affected customers directly. A Binance spokesperson said:
“It’s worth noting that only 0.01% of our monthly active users leverage USD bank transfers, but that we are working hard to restart service as soon as possible.”
The exchange added that its users could use other methods of buying and selling crypto, including bank transfers in fiat currencies like Euros.
Binance did not reveal how long the service’s disruption would last.
On Jan. 23, Binance said its banking partner Signature bank would stop processing crypto transactions worth less than $100,000. At the time, the exchange added that the decision would affect the bank’s crypto clients.
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Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.