Binance Halts All USD Transfers As It Searches For New Banking Partner
Crypto exchange Binance is suspending all bank transfers in US dollars beginning on February 8.
Coindesk on Monday confirmed that Binance is preparing to temporarily halt all bank deposits and withdrawals denominated in US dollars. “We are temporarily suspending USD bank transfers as of February 8th,” a spokesperson for the exchange said. “In the interim, all other methods of buying and selling crypto remain unaffected, including bank transfer using one of the other fiat currencies supported by Binance (including Euros), buying and selling crypto via credit card, debit card, Google Pay and Apple Pay and via our Binance P2P marketplace,” they added.
According to unverified reports, the suspension is expected to last approximately several weeks, while the exchange searches for an alternative banking partner. According to Binance, the temporary move is expected to only affect approximately 0.01% of active users, whom are being informed directly.
Information for this briefing was found via Coindesk and Twitter. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.