Crypto Updates

Binance to Suspend USD Bank Transfers from Wednesday

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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.

“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 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.

However, Binance CEO Changpeng Zhao hinted that some banks are withdrawing support from the cryptocurrency industry due to “last year’s incidents,” referring to the collapse of FTX and Terra Luna.

Binance also clarified the upcoming suspension would not impact other modes of payment into the…

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