Last Updated: 7 February 2023
Crypto exchange Binance says it is pausing all bank transfers in US dollars.
Frontman CZ’s company announced the news itself on Twitter.
“From 8 February, we will temporarily suspend all bank transfers in USD. Only a small portion of our users will be affected and we are working hard to restart the service as soon as possible. All other methods of buying and selling crypto will remain unaffected.”
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
Binance stopped serving US customers in 2019 because it did not have the right paperwork. Regulations eventually caused Binance to set up a separate branch: Binance.US. This is a separate entity for US customers only, who were then also banned from the international trading platform.
The reason for suspending USD payments is not known, except that the measure will take effect from tomorrow (Wednesday, ed.). It is also a temporary measure. The exchange writes on Twitter that users of Binance.US will not be affected by the transfer freeze.
Earlier this week, Binance came out with a new tax tool. Initially, it can only be used in Canada and France. Customers can emerge all information for tax returns in the relevant jurisdictions at the click of a button.
Binance is also calling on Indian platform WazirX to take their money off the platform. WazirX and Binance are embroiled in a high-profile soap opera and feud.