Binance to suspend USD deposits and withdrawals

• Binance is reportedly set to suspend all US dollar (USD) deposits and withdrawals.
• According to a crypto news report on the matter, the suspension starts on 8 February 2023.
• Binance will reportedly continue to support all other payment methods, including bank transfers in another currently supported fiat currency.

Binance will temporarily pause US dollar deposits and withdrawals on its exchange platform, with the planned move expected to begin 8 February, 2023.

This is according to the latest cryptocurrency news  from the crypto exchange.

Binance set to suspend USD deposits and withdrawals

On Monday afternoon, the world’s largest crypto exchange announced that it would briefly halt USD deposits and withdrawals beginning Wednesday this week. 

According to the details shared with CNBC by a Binance spokesperson, the upcoming USD-related pause will last a few weeks as Binance tries to secure a new banking partner. However, the issue will only affect a tiny number of the exchange’s monthly active users, said to be about 0.01%. Binance will reportedly notify all affected customers directly.

Binace CEO Changpeng Zhao confirmed the details in a tweet.

It is worth noting that USD bank transfers are leveraged by only 0.01% of our monthly active users.

However, we appreciate that this is still a bad user experience and the team is working on quickly resolving this issue. https://t.co/heCfWIomAX

— CZ 🔶 Binance (@cz_binance) February 6, 2023

The exchange also did confirm that customers can still buy and sell cryptocurrencies via all other supported payment methods. Among these is bank transfers, which Binance will continue to offer via another fiat currency currently supported.

Binance is the largest crypto exchange by trading volume and has a US-based subsidiary Binance.US. The US-based unit, which is Financial Crimes Enforcement Network (FinCEN) regulated, has noted that the suspension will not impact its operations. 

In a tweet following the news, Binance.US said this would be the case unless there’s an official notice from them. In this case, the USD pause is likely to only impact customers using 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.