One of the world’s largest cryptocurrency exchanges, Binance, has planned to suspend US dollars transfer without providing any reason. A Binance Spokesperson said; “We are temporarily suspending USD bank transfers as of 8th February. Affected customers are being notified directly.”
The Suspension of US Dollars Transfer Is Only Applicable to Non-US Users
Binance said in a tweet that they are working hard to restart the service as soon as possible. Binance US, a unit of the company that’s regulated by the Treasury Department’s Financial Crimes Enforcement Network, said that it’s not affected by the suspension. It should be noted that the move applies only to non-U.S. customers who transfer money to or from bank accounts in dollars.
The development came as Binance faced increased banking challenges in the US. For example, last month, the exchange’s banking partner Signature Bank raised transaction minimums for dollar transfers, announcing that it would only process trades by users with USD bank accounts over $100,000. Binance said customers can still use other fiat currencies or payment methods to purchase crypto. For the small number affected. We will have a new partner to announce for those users in the next couple of weeks.
Binance to Donate $5M Worth of BNB to Earthquake Victims
Binance has added its name to the list of companies that provided help to Turkish residents affected by the earthquake. It has promised to give away $100 worth of BNB to each of its local users and launched a public donation address where everyone can contribute. The CEO Changpeng Zhao (CZ) said; “The recent earthquakes in Turkey have had a devastating impact on so many people and communities. We hope that our efforts will bring some relief to those affected. We are also calling on our industry peers to once again come together to offer support in these times of crisis.”
Also read: Deadly Earthquake Jolts Turkey and Syria; Turkey Declares Highest Level Emergency