Binance Temporarily Suspends USD Bank Transfers: Here’s What You Need to Know

Binance Suspends USD Transfers

  • Binance has announced a minor, temporary suspension for U.S. Dollar (USD) transfers on its exchange platform.
  • The suspension will begin tomorrow, February 8th, 2023 and only affect a small number of users.
  • All other methods of buying and selling crypto remain unaffected.

Reason for Suspension

Binance took to Twitter to announce their decision, citing the withdrawal of support from certain banks as the reason for the suspension. Binance chief Changpeng Zhao made reference to last year’s incidents involving FTX and its founder Sam Bankman-Fried who now faces a number of charges for fraud, money laundering, and trust law violations.

Other Trading Activities Unaffected

All other trading and transfer activities on the platform remain operational during this time despite the suspension which is expected to be short-lived. Binance is one of the industry’s more mainstream crypto exchanges with over 350 assets listed across its platform that facilitates roughly $38 billion worth of transactions each day.

Impact On BNB Chain & Exchange Smart Contracts

At the time of writing, no perceivable disturbances or spikes on both the BNB Chain and its exchange smart contracts have been detected. This indicates that any impact on these activities due to USD transfer suspensions should be minimal at best.

More Information To Be Released Soon

It is not certain at this point whether these suspensions are geographically distinct or based on specific banks partnered with Binance. More information regarding the USD transfer suspension will be provided when an estimate date can be determined for when operations would resume.

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