Expert verified

5 min read

Binance to temporarily halt USD bank transfers

Published date:

January 29, 2026

Our Editorial Standards:

Cryptocurrencies can be volatile and high risk. Though our articles are for informational purposes only, they are written in accordance with the latest guidelines from tax agencies around the world and reviewed by certified tax professionals before publication. Learn more about our Editorial Process and Risk Warning.

In the words of a spokesperson for Binance, “We are temporarily suspending USD bank transfers as of February 8th. Affected customers are being notified directly. We appreciate that this is still a bad user experience.”

Crypto exchange Binance will suspend US Dollar (USD) deposits and withdrawals starting February 8.

NEW: Binance, the world’s largest cryptocurrency exchange, said it’s temporarily suspending deposits and withdrawals of US dollars using bank accounts https://t.co/YUYTqx1kFt
— Bloomberg Crypto (@crypto) February 6, 2023

According to Binance’s representative, the disruption will only impact 0.01% of the exchange’s monthly users who leverage USD transfers. The halt on USD bank transfers will not affect the transactions made using Euro (EUR) and other fiat currencies.

The exchange has not disclosed the reason behind the suspension. Moreover, Binance has yet to reveal when it will restore the USD deposits and withdrawals on its platform.

‍

Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox

‍

In January, Binance announced that its banking partner Signature Bank will cease support for SWIFT transfers of less than $100K after February 1. The crypto community speculates that Binance’s issues with its current SWIFT banking partner may be the reason behind the sudden halt on USD bank transfers.

Furthermore, Binance recently updated its blog post on countries where SWIFT transfers remain suspended.

Meanwhile, Binance.US tweeted that the suspension will affect clients who reside outside the US, adding they are “separate entities from Binance.com.” Therefore, Binance.US' clients will be able to initiate bank transfers in USD.

‍

How we reviewed this article

All Bitcompare articles go through a rigorous review process before publication. Learn more about our Editorial Process and Risk Warning.

Ayush Pande

Written by:

Ayush Pande

Writer

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

About the Author

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

About the Author

Radica Maneva

Reviewed by:

Radica Maneva

Senior Editor

Radica is a Senior Editor at Bitcompare. She has worked for more than a decade at leading publications as an Editor across various industries, including crypto and finance.

Bitcompare is a trading name of Blue Venture Studios Pty Ltd.

Advertiser disclosure: Bitcompare is a comparison engine that relies on advertising for funding. The business opportunities that can be found on this site are offered by companies with which Bitcompare has made deals. This relationship may affect the way and where products appear on the site, such as in what order they are listed in categories. Information about products may also be placed based on other factors, such as the ranking algorithms on our website. Bitcompare does not look at or list all companies or products on the market.
‍
Editorial disclosure: The editorial content on Bitcompare is not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. The opinions expressed here are the author’s alone. Additionally, the opinions expressed by the commenters do not necessarily reflect those of Bitcompare or its staff. When you leave a comment on this site, it will not show up until a Bitcompare administrator approves it.

Warning: The price of digital assets can be volatile. The value of your investment can go down or up, and you may not get back the amount invested. You are the only one who is responsible for the money you invest, and Bitcompare is not responsible for any losses you might have. Any APR shown is a rough estimate of how much cryptocurrency you will earn in rewards over the time period you choose. It does not display the actual or predicted returns or yields in any fiat currency. The APR is adjusted daily, and the estimated rewards may differ from the actual rewards generated. The information on this page is not meant to be a sign from Bitcompare that the information is correct or reliable. Before making any investment, you should carefully consider your investment experience, financial situation, investment objectives, and risk tolerance, and consult with an independent financial advisor. Links to third-party sites are not under the control of Bitcompare, and we are not responsible for the reliability or accuracy of such sites or their contents. For more information, see the Terms of Service for Bitcompare and our Risk Warning.