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.
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.
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.