- Changpeng Zhao, the CEO of Binance notes that the exchange is suspending USD transfers for users.
- Zhao notes that USD bank transfers are leveraged by only 0.01% of monthly active users of Binance International.
- The exchange is temporarily suspending USD transfers on February 8 and the service will be restarted as soon as the issue is resolved.
Binance, the world’s largest exchange by trade volume, has announced that USD bank transfers will be temporarily suspended. Only a small portion of the exchange’s users will be impacted by the interruption of the service.
Also read: Will Bitcoin bulls remain in control of BTC price after another volatility-filled week?
Changpeng Zhao of Binance affirms that USD bank transfers will be reinstated soon
Changpeng Zhao, the CEO of Binance addressed the issue of temporary suspension of USD bank transfers. The exchange has announced that USD bank transfers will be suspended temporarily on February 8.
From February 8th, we will temporarily suspend all USD bank transfers.
— Binance (@binance) February 6, 2023
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.
The interruption in the exchange’s service will soon be resolved, according to CZ. It is worth noting that USD bank transfers are leveraged by only 0.01% of the exchange’s monthly active users. Therefore, only a small proportion of users will be impacted by the temporary suspension of USD transfers. The exchange is working on restarting the service as soon as possible.
CZ assured his 8.1 million Twitter followers that the issue will be resolved soon and the team is working on it. All other methods of buying and selling cryptocurrency remain unaffected.
It is worth noting that USD bank transfers are leveraged by only 0.01% of our monthly active users.
— CZ Binance (@cz_binance) February 6, 2023
However, we appreciate that this is still a bad user experience and the team is working on quickly resolving this issue. https://t.co/heCfWIomAX
The temporary suspension does not apply to Binance US and is limited to the users of Binance International (Binance.com).
Some banks have withdrawn support for crypto, while other banks are moving in. Binance has experienced some setbacks in banking support since 2022. CZ affirms that the exchange is focused on the long-term and will keep building to power USD transfers for its users.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.