- Binance is said to be suspending all US Dollar (USD) withdrawals and deposits.
- According to crypto news reports, the suspension will take effect on February 8, 2023.
- Binance will continue to support all payment methods including bank transfers in another fiat currency.
Binance will temporarily suspend US dollar withdrawals and deposits on its exchange platform. The planned move is expected to start 8 February 2023.
This is according to the latest cryptocurrency news by CNBC.
Binance to suspend USD withdrawals and deposits
CNBC will air Monday afternoon published a news story that said the world’s largest crypto exchange Binance was looking to briefly halt USD deposits and withdrawals beginning Wednesday this week.
A Binance spokesperson shared details with CNBC, indicating that the USD-related pause would last for a few weeks while Binance searches for a new partner bank. However, the issue will only affect a tiny number of the exchange’s monthly active users, said to be about 0.01%. Binance will notify all affected customers via email.
The source didn’t provide any further information on USD withdrawals that were not available from the date given, but they confirmed that customers can still purchase and sell cryptocurrencies through all other payment methods. The exchange will also continue to support bank transfers via another fiat currency that’s currently supported, the person familiar with the issue said.
Binance is the biggest crypto exchange by trading volume. It also has a US subsidiary Binance.US. The US-based Financial Crimes Enforcement Network, (FinCEN) has confirmed that the suspension will have no impact on its operations.
In a tweet following the news, Binance.US said this would be the case unless there’s an official notice from them. The USD pause will likely only affect customers who use the global platform.
The price of Binance‘s native coin BNB was largely muted at the time of writing, changing hands around $328 at 15:05 pm ET.
This article can be shared