Binance will temporarily suspend U.S. dollar deposits and withdrawals starting Feb. 8. Services will restart "as soon as possible," and since Binance and Binance.US are separate entities, U.S.-based users are not affected by the suspension.
- Binance
CEO Changpeng "CZ" Zhao wrote a statement on Twitter saying, "It is
worth noting that USD bank transfers are leveraged by only 0.01% of our
monthly active users."
- Arkham Intelligence data shows an
outflow of funds totaling $172M following the announcement, a minimal
amount considering the company has $42.2B worth of crypto assets.
- The company has not offered a reason for the suspension.
- Last month SWIFT transfer partner Signature Bank told the company that it would only process transactions valued at $100,000.
- This change did not affect corporate accounts.
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