Hey Peeps!
Without much of a notice, Binance announced that they will be suspending all U.S. dollar withdrawals and deposits starting on February 8th.
To add to the strange situation, Binance gave little to no reason for this sudden announcement.
However, what they did mention is that this is supposedly a temporary suspension, and Binance has indicated that they are working to restart this service.
I did find it interesting that apparently only 0.01% of all active users are using U.S. dollar bank transfers.
Perhaps, this is a reason to cut the service all together.
Here is the Tweet from Binance announcing the news on February 6th:
“We are temporarily suspending USD bank transfers as of February 8th. Affected customers are being notified directly. It’s worth noting that only 0.01% of our monthly active users leverage USD bank transfers, but that we are working hard to restart service as soon as possible."
- Binance spokesperson
Binance.US also took to Twitter to reassure customers that this suspension will only affect users of Binance, and not users of Binance.US.
On paper, Binance and Binance.US are two separate companies, but for many this is understandably not that clear.
I was reading the Decrypt article about this Binance news, and they mentioned that one of Binance's bank partners, named Signature Bank, announced that they will no longer be "processing crypto SWIFT transactions under $100,000".
As Binance gave us no reason for this suspension, we are only left to speculate, and it could be possible that without a partner bank to process these transaction, they cannot offer the US Dollar transfers.
I am interested to see what comes of this in the future, but hopefully this gets resolved quickly for Binance.
What are you thoughts about this news?
Are you concerned about the suspension of the US dollar currency?
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