Binance cryptocurrency exchange to suspend transfers in US dollars from February 8

February 7, 2023  12:22

From February 8, the world's largest crypto-exchange Binance will suspend deposits and withdrawals in U.S. dollars. The reason for this decision is not disclosed. It is also unknown when dollar transfers will resume.

As of February 8, we are temporarily suspending bank transfers in U.S. dollars, an exchange representative told CNBC. Customers affected will be notified directly.

The crypto exchange also reported that only 0.01% of monthly active customers make bank transfers in U.S. dollars. Exchange officials also added that every effort is being made to "resume this service as soon as possible”.

The suspension of dollar transfers will apparently only affect customers outside of the U.S., as the U.S. branch of Binance US said on Twitter that there would be no changes to its operations.

The announcement of the impending suspension of dollar transfers led to a huge number of customers beginning to withdraw their funds from Binance cryptocurrency wallets, and millions of dollar-linked stablecoins, such as tether and USDC, were transferred to other cryptocurrency exchanges or cryptocurrency wallets.

According to DefiLlama, over $172 million worth of cryptocurrency was transferred from Binance accounts in a single day. However, this is a small amount for a company whose crypto assets are valued at $42.2 billion. This news had almost no impact on the situation with BNB – the exchange token Binance: its value has been holding steady at around $328.

Back in December 2022, users withdrew almost $1.9 billion from Binance in just 24 hours, which prompted the exchange to temporarily suspend the withdrawal of USDC Stablecoin.


 
 
 
 
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