Binance to Suspend USD Deposits and Withdrawals via Wire Transfers

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Cryptocurrency exchange Binance announced that it will temporarily suspend US dollar deposits and withdrawals using bank transfers starting February 8th.

According to Binance's Twitter post,Bank transfers using other fiat currencies, including the euro, will not be affected. All other methods of buying and selling crypto assets also remain valid. The exchange's support team clarified that the suspension only applies to international users of Binance, and customers of the American division of the exchange, Binance.US, will not be affected.

From February 8th, we will temporarily suspend all USD bank transfers.

Only a small proportion of our users will be impacted by this and we are working hard to restart the service as soon as possible.

All other methods of buying and selling crypto remain unaffected.

— Binance (@binance) February 6, 2023

The reason for the suspension was not given.Binance management noted that only 0.01% of the platform's monthly active users use bank transfers in US dollars. However, the Binance team is working hard to make this feature available to customers as soon as possible.

Recently, Signature Bank, a Binance partnerSWIFT transfers said that from February 1 it will process transactions from traders with dollar bank accounts if their transaction amount does not exceed $100,000. Therefore, the trading platform is now looking for a new banking partner. In early February, Binance published a list of 144 countries where SWIFT transfers in US dollars will be suspended, regardless of their amount.