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Binance suspends USD transfers, CZ says the issue is being resolved

  • Changpeng Zhao, the CEO of Binance notes that the exchange is suspending USD transfers for users. 
  • Zhao notes that USD bank transfers are leveraged by only 0.01% of monthly active users of Binance International.
  • The exchange is temporarily suspending USD transfers on February 8 and the service will be restarted as soon as the issue is resolved. 
Binance suspends USD transfers, CZ says the issue is being resolved
Ekta MouryaEkta MouryaFXStreet

Binance, the world’s largest exchange by trade volume, has announced that USD bank transfers will be temporarily suspended. Only a small portion of the exchange’s users will be impacted by the interruption of the service. 

Also read: Will Bitcoin bulls remain in control of BTC price after another volatility-filled week?

Changpeng Zhao of Binance affirms that USD bank transfers will be reinstated soon

Changpeng Zhao, the CEO of Binance addressed the issue of temporary suspension of USD bank transfers. The exchange has announced that USD bank transfers will be suspended temporarily on February 8. 

The interruption in the exchange’s service will soon be resolved, according to CZ. It is worth noting that USD bank transfers are leveraged by only 0.01% of the exchange’s monthly active users. Therefore, only a small proportion of users will be impacted by the temporary suspension of USD transfers. The exchange is working on restarting the service as soon as possible.

CZ assured his 8.1 million Twitter followers that the issue will be resolved soon and the team is working on it. All other methods of buying and selling cryptocurrency remain unaffected. 

The temporary suspension does not apply to Binance US and is limited to the users of Binance International (Binance.com). 

Some banks have withdrawn support for crypto, while other banks are moving in. Binance has experienced some setbacks in banking support since 2022. CZ affirms that the exchange is focused on the long-term and will keep building to power USD transfers for its users.

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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