Binance announces temporary suspension of USD bank transfers

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Binance-the world's largest crypto exchange-announced on Monday that from February 8th, it will take all deposits and withdrawals in USD from bank accounts.

The company said that it would work to restart the function as soon as possible.

why the suspension?

according to announce The suspension via Twitter offered no special explanation for why it took place. However, it made it clear that the break would only affect a small part of its user base.

All other methods for buying and selling crypto on the stock exchange remain-including credit cards, Apple Pay, Google Pay and bank transfers with other Fiat currencies such as euros.

"It is worth noting that only 0.01 % of our monthly active users use USD bank transfers, but that we work hard to resume the service as quickly as possible," said a spokesman for Binance in an email.

The plans also do not affect the customers of binance.us-the only company between the two with permission to operate users in the United States. "We do not expose $ USD withdrawals and deposits on February 8," the company tweeted on Monday. "

The collapse of FTX, the once largest international rival of Binance, has led to the banks hingle with crypto companies after the federal authorities had warned of such partnerships.

"While some banks [are] withdraw the support for crypto, other banks move in, tweeted Binance CEO Changpeng Zhao regarding the announcement." Some setbacks were expected from the incidents last year. "

CZ added that the break in USD bank transfers, despite their minimal effects on customers, was still a "poor user experience".

signature bank

In January, Binance announced that one of his banking partners who signature bank would do processing fiat-to-crypto transactions worth less than $ 100,000. The lender intends to reduce his commitment in cryptoma markets and to reduce the insoles of crypto-coats of up to $ 10 billion.

The move took place in response to a statement from the Federal Deposit Insurance Corporation, that banking in the crypto sector should be regarded.

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