February 8, 2023: Binance, the globe’s significant cryptocurrency exchange, will suspend U.S. dollar deposits and withdrawals, the firm said on Monday, without giving a reason for the decision.
“We are temporarily stopping USD bank transfers as of February 8,” a Binance spokesperson said. “Affected customers are being notified directly.” The company stated, “0.01% of our monthly active users leverage USD bank transfers” and said, “we are working hard to restart service nearly possible.”
Binance US, a unit of the firm regulated by the Treasury Department’s Financial Crimes Enforcement Network, tweeted that it’s not affected by the recess. Thus the move applies to non-U.S. customers repositioning money to or from bank accounts in dollars.
Data from Arkham Intelligence depicts that following the information, there was a spike in outflows from Binance’s crypto wallets, as millions of dollar-pegged stablecoins such as rope and USDC flowed to rival exchanges or individual wallets.
Binance’s net U.S. dollar outflow was more than $172 million for the day, based on data from DefiLlama. According to Arkham, that represents a tiny amount of money for a company with $42.2 billion worth of crypto assets.
“We’re still overwhelmingly net-positive on net deposits,” the spokesperson stated. “Outflows always tick up when prices start to level off after a bullish market swing such as last week as some users take profits.” Bitcoin
increased over 38% in January, its best month since October 2021.
Binance’s exchange token, BNB, was significantly unaffected by the news, holding steady at around $328 hide content.
In January, Binance stated U.S. banking partner Signature Bank had increased U.S. dollar transactions lesser to $100,000. At the time, Binance said that Signature had told the exchange that the recent minimum applied to all crypto exchange customers.
On Monday, Regarding suspension, a Binance representative said in an email that “Binance.US has its banking partners and does not have any issues.” The central Binance exchange does not serve U.S. users.
Binance stated that customers can still use other fiat currencies or payment methods to buy crypto. For the small number affected, “we’ll have a recent partner to report for those users in the coming couple weeks,” the spokesperson said.
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