Binance to suspend USD bank transfers

From February 8, the cryptocurrency exchange Binance will temporarily suspend USD bank transfers.

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

According to Binance CEO Changpeng Zhao, the restrictions affect only a small portion of users.

“US dollar bank transfers are used by only 0.01% of our active users each month,” he wrote.

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

Zhao added that the exchange would work as quickly as possible to resolve the issue, though he did not disclose the cause.

The restrictions will not affect Binance US.

Earlier in January, Binance’s banking partner — Signature Bank — announced that it would stop processing SWIFT payments of the exchange’s users in fiat USD for amounts under $100,000. In doing so, the institution aims to reduce the impact of the digital asset market on its business.