Binance to Pause USD Deposits

Binance to Pause USD Deposits

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Binance Institutional

Crypto exchange Binance will suspend the deposit of US dollars temporarily starting on February 8, as per Monday’s announcement.

“We are temporarily suspending USD bank transfers as of February 8th,” a Binance spokesperson said, noting just 0.01% of monthly active users use USD bank transfers. “Affected customers are being notified directly.”

“In the interim, all other methods of buying and selling crypto remain unaffected, including bank transfer using one of the other fiat currencies supported by Binance (including euros), buying and selling crypto via credit card, debit card, Google Pay and Apple Pay and via our Binance P2P marketplace,” Binance spokesperson added.

In response to the announcement, the US subsidiary of Binance has responded that the move will not affect its arm.

Binance however did not state the reason for the move, however, the suspension may be because of the recent move by its bank partner Signature Bank, the bank which announced last month that it would no longer support crypto transactions below $1,000.

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