- Binance suspending all USD bank transfers from Feb 8th.
- The exchange users withdrew assets worth $172 million.
Binance, the world’s leading centralized crypto exchange is suspending all USD bank transfers. The restriction mentioned above will be placed into action from the 8th of February. Also, this is applicable to all transactions taking place outside the US.
From February 8th, we will temporarily suspend all USD bank transfers.
— Binance (@binance) February 6, 2023
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.
The Binance US, a distinct entity, a “licensed and regulated digital asset marketplace in the United States” remains unaffected due to this change. The users individually will be in no change of state.
Official Binance tweet reassures that operations such as buying and selling of crypto, and transactions with other fiats will function as usual. As per the spokesperson, the affected customers are notified directly.
Binance Suspends USD Transfer
The announced suspension will withhold the transaction which is done by only 0.01% of monthly active users. Simultaneously, the exchange is exploring the methods to overcome this difficult user experience too. Binance CEO, CZ has made a statement mentioning this process.
CZ states:
“However, we appreciate that this is still a bad user experience and the team is working on quickly resolving this issue.”
DefiLlama’s data portrays the exchange’s outflow immediately reflecting the impact, the assets worth $172 million were withdrawn. Also, users transferred USD-pegged stablecoins from the Binance wallet to other wallets.
Whereas the price of BNB stands undisturbed, the token’s present trading price is $329.78 with a 0.84% surge in the last 24 hrs. And the market capitalization is in the $52 billion range.
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