Main navigation

Crypto Giant Binance Halts USD Bank Transfers

Mon, 02/06/2023 - 20:22
article image
Alex Dovbnya
Binance temporarily paused USD bank transfers. Here's what you need to know
Crypto Giant Binance Halts USD Bank Transfers
Cover image via
Read U.TODAY on
Google News

Binance, the most prominent cryptocurrency exchange, announced that it had suspended U.S. dollar deposits and withdrawals in a Monday tweet

It was not immediately clear why the cryptocurrency giant suddenly halted USD bank transfers. However, it stressed that it was working hard to restart the service. 

Binance downplayed the significance of the move, pointing to the fact that only a minuscule 0.01% of its active users actually use U.S. dollar bank transfers. The suspicion only applies to the exchange's non-U.S. customers who transfer their funds to or from bank accounts in greenbacks. 

Shiba Inu (SHIB) Payments Expand to E-Commerce Stores via This Integration: Details
Users can still use other methods of buying and selling crypto on Binance such as credit cards without any issues.

Binance US, an American subsidiary of the cryptocurrency juggernaut, has not been affected by the sudden suspension.

BNB, the native exchange token of Binance, held steady in spite of the news. 

Last month, Binance about U.S.-based Signature, a crypto-focused bank, pulled the plug on SWIFT fiat transactions for individuals if they were below the $100,000 threshold starting from February.       

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at