Binance Set To Suspend USD Bank Transfers 11

Binance Set To Suspend USD Bank Transfers

  • Binance is suspending USD deposits and withdrawals using bank accounts. 
  • The suspension will come into effect on 8 February (Wednesday) and is expected to last for a couple of weeks. 
  • USD bank transfers will resume when the exchange secures a new banking partner. 
  • Other methods of deposits and withdrawals including credit cards and EUR bank transfers will remain active. 

The world’s largest crypto exchange, Binance, is set to suspend withdrawals and deposits using US Dollar bank transfers on its platform. The suspension is set to start at 22:00 (UTC+0) on 8 February (Wednesday) and is expected to last for “a couple weeks”, according to a person familiar with the matter. 

Binance is looking for a new banking partner

While no reason was disclosed for the sudden suspension of USD bank transfers, a person familiar with the matter told DB Newswire that Binance is reportedly looking for a new banking partner to facilitate US Dollar transfers. As per a report by Bloomberg, spokesperson for the exchange revealed that the suspension will affect 0.01% of the platform’s monthly active users. 

We are working hard to restart service as soon as possible.”

Binance spokesperson

The spokesperson highlighted that other methods of buying and selling crypto on the exchange, including credit cards, Google Pay, EUR bank transfers, etc., remain unaffected. It is unclear at this time as to which banking partner is causing this temporary suspension. The exchange’s American subsidiary, Binance U.S., is not affected by the suspension of USD bank transfers.

News of the suspension comes just weeks after Signature Bank, one of Binance’s existing banking partners, stated that it would only process user transactions if they exceeded $100,000. This decision was in line with Signature Bank’s efforts to reduce its exposure to the crypto market.