Crypto Exchange Binance Suspends USD Transfers

The world’s largest cryptocurrency exchange – Binance announcedthat from tomorrow, February 8, temporarily suspends all bank transfers in US dollars. The company noted that the measure would only affect a small proportion of its users.

“We are working to resume this service as soon as possible,” notes Binance. “All other ways to buy and sell cryptocurrencies remain.” Binance did not indicate the reasons for such a step. However, the US division, Binance.US, which is operated separately from Binance, is not affected by the temporary ban – it will only affect non-US Binance users who want to transfer funds to or from bank accounts in dollars.

However, according to the channel CNBC, which refers to statistics from Arkham Intelligence, after Binance announced the suspension of dollar transfers on the exchange, there was a sharp increase in transactions – users began to transfer dollar-pegged stablecoins, such as Tether or USDC, to other crypto exchanges or to their personal wallets. CNBC reports that the outflow of funds in dollars from Binance over the past day amounted to $172 million (the total crypto assets of this platform are now estimated at $42.2 billion).

Evgeniy Khvostik