NewsEditorial office

Binance to temporarily pause USD bank transfers. Here’s what you need to know

Winnie Kimeu

Writer, News

Feb 7, 2023 at 04:20

In a tweet sent out on February 6, 2023, Binance revealed that it will temporarily halt U.S. dollar deposit and withdrawal services starting February 8, 2023.

The sudden cessation of USD bank transfers by the cryptocurrency behemoth left many questions unanswered.

The brand new newsletter with insights, market analysis and daily opportunities.

Let’s grow together!

Despite the confusion, the company assured its users that they were working tirelessly to restore the service as soon as possible.

Furthermore, Binance brushed off the significance of this disruption, emphasizing that only a mere fraction of its active user base—just 0.01%—utilized USD bank transfers.

Courtesy of Binance Twitter
Courtesy of Binance Twitter

Moreover, the impact was only felt by non-U.S. customers who transacted in greenbacks to and from their bank accounts.

Some good news

Nonetheless, the temporary halt on USD transfers does not hinder your ability to buy and sell crypto through other convenient methods, such as credit cards, which remain fully operational.

Additionally, the sudden suspension of USD transfers on the parent company has had no impact on its American subsidiary, ensuring uninterrupted crypto trading for its users.

Despite the recent announcement, Binance’s very own BNB token remained steadfast and unshaken, proving its resilience amidst the news.

BNB price Feb 07, 2023. Source: CoinMarketCap
BNB price February 7, 2023. Source: CoinMarketCap

BNB is currently trading at $329.38.

All information provided on this website is for educational and informational purposes only. Please consult with our Disclaimer.

Home » News » Binance to temporarily pause USD bank transfers. Here’s what you need to know

Your complaint has been sent to a moderator