Binance To Suspend USD Bank Transfers

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Binance has announced that the exchange will stop accepting U.S. dollar bank transfers this week.

“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 wrote. 

All other ways of purchasing and selling cryptocurrency on the exchange, including deposits and withdrawals in euros, would not be impacted, according to the Binance official. 

Binance customers will still be able to purchase and trade cryptocurrency using credit cards, Google Pay, Apple Pay, and the Binance peer-to-peer marketplace.

The biggest cryptocurrency exchange in the world by volume, Binance, caters to a worldwide user base yet blocks access to its site for Americans due to regulatory issues. Instead, it refers American customers to its much-smaller American subsidiary, Binance US.

Although Binance declined to provide an official explanation, the suspension of USD bank transfers is probably due to problems with its bank partner Signature Bank, which said last month that it would no longer execute crypto SWIFT transactions under $100,000.

Binance revised its list of nations where SWIFT transactions are not supported after the news.

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