Home Binance To Suspend US Dollar Bank Transfers

Binance To Suspend US Dollar Bank Transfers

Share
Share

Binance To Suspend US Dollar Bank Transfers

By Kapil Rajyaguru

Binance, world’s largest crypto exchange by trading volume, is temporarily suspending U.S. dollar bank transfers starting on Wednesday.

“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,” the spokesperson added.  

However, Binanace’s U.S. division, Binance.US, is not affected by the suspension, according to a tweet from Binance.US Customer Support. Hence, the move applies only to non-U.S. customers who transfer money to or from bank accounts in dollars. 

Data from Arkham Intelligence shows that following the announcement, there was a sharp spike in outflows from Binance’s crypto wallets, as millions of dollar-pegged stablecoins such as Tether and USDC flowed to rival exchanges or individual wallets. 

Binance’s net U.S. dollar outflow was over $172 million for the day, based on data from DefiLlama. That represents a tiny amount of money for a company that has $42.2 billion worth of crypto assets, according to Arkham. 

It seems, Binance’s banking partner Signature Bank in January raises transaction minimums for dollar transfers. 

Is it because of this move by Signature Bank Binance is suspending US Dollar transfers or the U.S. authorities are tightening its noose around Binance? 

Only time will tell. 

Share

Latest News

Brazil’s B3 Exchange Launches Bitcoin-linked Event Contracts
News

Brazil’s B3 Exchange Launches Bitcoin-linked Event Contracts

On April 27, Brazil’s primary stock exchange, B3, will launch six new derivative contracts that let investors wager on the probability of...

EDX Markets Seeks U.S. Trust Charter To Attract Institutions
News

EDX Markets Seeks U.S. Trust Charter To Attract Institutions

In an effort to better serve institutional clients, EDX Markets, the cryptocurrency exchange supported by Citadel Securities, has applied for a national...

JPMorgan Eyes Entry Into Fast-growing Prediction Markets
News

JPMorgan Eyes Entry Into Fast-growing Prediction Markets

The CEO of JPMorgan (JPM), Jamie Dimon, has said that his company is considering entering the prediction markets. This suggests that a...

Australia Introduces Landmark Crypto Licensing Law
News

Australia Introduces Landmark Crypto Licensing Law

Australia established its first comprehensive regulatory framework for digital assets on Wednesday by passing legislation that mandates financial services licences for cryptocurrency...

Latest Blogs

Stablecoins Go Mainstream: How Hong Kong’s Bold Regulation Is Shaping Future Of Digital Finance

The word “stablecoin” is no longer limited to tech jargon in today’s quickly changing financial scene. It is now a structural component...

How Blockchain Is Revolutionizing Real Estate Market

Introduction The real estate business is seeing significant, long-term expansion, fueled by expanding urbanization and increased investments. As it is, the global...

AI-integrated Crypto Wallet: Safe & Efficient Management?

  Are you a crypto wallet user? If yes, is it an AI-integrated crypto wallet? In case you are wondering what exactly...

AI-enabled Fraud: Real Cases, Scammer Tactics & Smart Prevention Tips

Hey, congratulations! You won the Rs 2 Crore lottery. To withdraw funds, share your bank details along with a one-time password (OTP)...

Related Articles

Stablecoins Go Mainstream: How Hong Kong’s Bold Regulation Is Shaping Future Of Digital Finance

The word “stablecoin” is no longer limited to tech jargon in today’s...

How Blockchain Is Revolutionizing Real Estate Market

Introduction The real estate business is seeing significant, long-term expansion, fueled by...

AI-integrated Crypto Wallet: Safe & Efficient Management?

  Are you a crypto wallet user? If yes, is it an...

AI-enabled Fraud: Real Cases, Scammer Tactics & Smart Prevention Tips

Hey, congratulations! You won the Rs 2 Crore lottery. To withdraw funds,...