Binance to Suspend USD Bank Transfers

• Binance suspends USD deposits and withdrawals using bank accounts.
• The suspension will take effect on Wednesday, February 8 and is expected to last for several weeks.
• USD bank transfers will resume when the exchange acquires a new bank partner.
• Other deposit and withdrawal methods, including credit cards and bank transfers in EUR, will continue to work.

Binance, the world’s largest cryptocurrency exchange, will suspend withdrawals and deposits using U.S. dollar bank transfers on its platform. According to a source familiar with the matter, the suspension will begin at 22:00 (UTC+0) on Wednesday, February 8, and is expected to last “a few weeks.”

Binance is looking for a new banking partner

A person familiar with the matter told reporters that while the reason for the sudden suspension of U.S. dollar bank transfers was not disclosed DB Newswire Binance is reportedly looking for new banking partners to facilitate USD transfers.according to a report Bloombergthe exchange spokesman revealed that the suspension will affect 0.01% of the platform monthly active users.

We are working hard to restart the service as soon as possible. “

Binance Spokesperson

The spokesperson emphasized that other ways of buying and selling cryptocurrencies on the exchange, including credit cards, Google Pay, bank transfers in euros, etc., are not affected. It was not immediately clear which banking partner caused the temporary suspension. The exchange’s U.S. subsidiary, Binance US, is not affected by the suspension of U.S. dollar bank transfers.

Just a few weeks ago, Signature Bank, one of Binance’s existing banking partners, said it would only process user transactions above $100,000. The decision is in line with Signature Bank’s efforts to reduce its exposure to the crypto market.