Binance suspends USD transfers, indicates issues with banks – Crypto News – Crypto News
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Binance suspends USD transfers, indicates issues with banks – Crypto News

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Binance, the world’s largest cryptocurrency exchange, will suspend all deposits and withdrawals of US dollars at its international exchanges from Feb. 8, the company said in a Twitter post on Monday in the US without giving a reason. Binance chief executive Changpeng Zhao indicated in a separate Twitter post it was caused by “some banks withdrawing support for crypto.”

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Fast facts

  • “While some banks [are] withdrawing support for crypto, other banks are moving in. Some setbacks were expected from last year’s incidents,” Zhao said. tweeted early morning Tuesday in Asia, without defining what the incidents were.
  • Last November, Binance’s rival exchange ftx collapsed, with founder Sam Bankman-Fried now facing multiple charges of fraud and money laundering. The failure had repercussions throughout the industry, with companies such as Genesis Global Capital and BlockFi filing for bankruptcy, and caused a crisis of trust.
  • Customers on Binance.US are not affected by the suspension, according to a tweet from Binance.US Customer Support,
  • Binance itself runs all of its exchanges outside of the US in more than a hundred countries, including Canada, Australia and France, according to its official website,
  • The Binance CEO added that while US dollar transfers are used by only 0.01% of the platform’s monthly active users, he acknowledged the inconvenience for users and said the company is working to resolve the issue.
  • Binance said It aims to restart the service as soon as possible, but didn’t provide a date.

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