Binance to temporarily suspend US dollar transfers
Binance has recently announced that it will suspend U.S. dollar transfers. The new rule takes effect today, February 8. The company noted that these measures will affect only a small percentage of users.
According to Binance representatives, the exchange is doing everything possible to restart this service as soon as possible. All other methods of selling and buying crypto are still valid. The reasons for the suspension are not specified.
At the same time, Binance.US, which is under separate management, has not suspended transfers in US dollars. It affected only users not from the USA who want to deposit or withdraw funds from their bank accounts in dollars.
According to Arkham Intelligence, after the announcement of the suspension, there was a sharp increase in the number of transactions. Users have started transferring stablecoins pegged to the US dollar to their personal wallets or to other crypto exchanges. According to CNBC, the outflow of funds in US dollars from Binance amounted to more than $170 million a day.
At the end of January, Binance announced that its banking partner Signature Bank had increased the minimum amount of SWIFT transfers in US dollars to $100,000. The rule came into force on February 1.
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