Binance suspends USD Bank deposits & transfers, Here is why?

Binance exchange announced that the platform suspended USD deposits & withdrawals on the global platform, which will impact 0.01% of Binance users. 

Binance is a first-ranked crypto platform. This exchange provides services in several countries. In the United States, Binance provides services via an independent subsidiary BinanceUS. The number of crypto assets available on BinanceUS is limited to 120, on behalf of the qualified crypto assets under the purview of US authorities. 

On 7 Feb 2023, the Binance exchange announced that Bank deposits & withdrawals of USD on the platforms will remain suspended temporarily.

Binance failed to provide the main reason behind this problem but confirmed that all the services on the exchange are working smoothly for the users. 

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From February 8th, we will temporarily suspend all USD bank transfers.

Only a small proportion of our users will be impacted by this and we are working hard to restart the service as soon as possible.

All other methods of buying and selling crypto remain unaffected.

— Binance (@binance) February 6, 2023

Here this issue will not impact the BinanceUS service. BinanceUS confirmed that Binance.com & Binance.US are independent & this will not impact the USD deposit & withdrawal on the BinanceUS exchange. 

Hello! We are NOT suspending $USD withdrawals & deposits on February 8. This news is only for https://t.co/yyaz1ed4VD users. We are completely separate entities from https://t.co/yyaz1ed4VD.

— Binance.US Customer Support (@BinanceUShelp) February 6, 2023

Changpeng Zhao (CZ), CEO of the Binance exchange, disclosed that many Banks suspended their Banking support for the exchange.

CZ confirmed that many Banks are withdrawing support for the Crypto sector but at the same time, many banks are jumping toward the Crypto sector. 

While some banks withdrawing support for crypto, other banks are moving in. Some setbacks were expected from last year's incidents. Long term, keep building.

— CZ Binance (@cz_binance) February 6, 2023

Yesterday, Binance launched a Tax calculator tool for French customers. Later Binance will release this service in other countries. 

Taxes can get complicated, especially in crypto.

To help, we’ve added a new tool called #Binance Tax.

Launching initially in France, with plans to introduce it to other regions, Binance Tax allows users to better understand the taxes they owe.https://t.co/r4ffSew8R3

— Binance (@binance) February 6, 2023

Binance coin 

Binance coin (BNB) is a native coin on the Binance Smart Chain (BSC) network. The BNB coin project is fully backed by Binance exchange. The current trade price of the BNB coin is $326 & the price of this coin is 25% high over the last 30 days of trade price.

Read also: Ripple CTO ignores “XRP Buyback” theory as a Ponzi scheme

Binance suspends USD Bank deposits & transfers, Here is why?

 

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