Popular cryptocurrency exchange Binance has announced the temporary suspension of bank transfers with US dollars starting on the 8th of February.
The news was reported by CoinDesk, which received confirmation from the crypto exchange itself on the 6th of February. A Binance spokesperson declared that the company will temporarily discontinue bank transfers with USD, stating that only 0.01 per cent of monthly active users choose to use bank transfers with US dollars.
The spokesperson said that users who are directly affected will receive direct notifications. In the meantime, the spokesperson added that all remaining ways of selling and buying cryptocurrency will remain unaltered. This includes bank transfers with other fiat currencies that are supported by the company, including EUR. Crypto transactions made with debit and credit cards, Apple Pay, Google Pay, and the company’s own P2P marketplace will continue to be accepted.
Arkham Intelligence data shows that a high spike of outflows followed the company’s announcement. Reportedly, millions of USDC, tether, and other stablecoins pegged to the US dollar were moved to competitors or standalone wallets.
Binance.US, the United States-based division of Binance is excluded from the announced suspension, as stated by Binance.US in a Twitter announcement.
