Binance to Suspend USD Bank Transfers from Wednesday

Crypto exchange giant, Binance s suspending US dollar deposits and withdrawals using bank transfers on its global platform from Wednesday. However, the service limitations will not affect the customers of Binance US, its US-based arm.

https://t.co/gM6e3xb9BX customers can continue to safely and securely withdraw and deposit USD on our platform.

Learn how to deposit USD: https://t.co/rL0rjVdjT8 pic.twitter.com/WyMPzZGuae

— Binance.US Customer Support (@BinanceUShelp) February 6, 2023

“It’s worth noting that only 0.01 percent of our monthly active users leverage USD bank transfers, but that we are working hard to restart service as soon as possible,” a Binance spokesperson said in a media statement.

The exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term also notified “affected customers… directly” about the suspension that will commence on February 8. However, the exchange did not specify any reason behind the drastic move.