Binance, the largest cryptocurrency exchange globally, has announced the temporary suspension of US dollar deposits and withdrawals starting from February 8th, without providing a reason for this decision.

Binance US, which is regulated by the Financial Crimes Enforcement Network of the Treasury Department, stated that it is not impacted by this suspension and only non-US customers using bank transfers in dollars will be affected. Following the announcement, there was a significant increase in the outflow of funds from Binance's crypto wallets, leading to a net US dollar outflow of over $172 million for the day.

Binance stated that this represents a small amount for the company, which holds $42.2 billion worth of crypto assets, and that outflows typically increase during market corrections, such as the recent leveling off of prices in the crypto market. The Binance exchange token, BNB, remained stable at around $328.

In late January, Binance announced that its US banking partner, Signature Bank, had raised the minimum transaction limit for US dollars to $100,000. Binance stated that this change was applicable to all crypto exchange customers and was communicated by Signature Bank.

"0.01% of our monthly active users leverage USD bank transfers... we are working hard to restart service as soon as possible"

The Binance representative told CNBC that Binance US has different banking partners and is not facing any issues. The main Binance exchange does not cater to US users. Customers are still able to buy cryptocurrencies using other fiat currencies or payment methods. Binance stated that a new partner will be announced in the next few weeks to cater to the small number of affected users.

Do you use Binance as your main wallet?

Does this suspension affect you?

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