Binance, the world’s largest crypto exchange by market cap, is reportedly halting USD bank transfers. The halt will last for a few weeks till the crypto exchange partners with a new banking agency, as per a Twitter post by DB Newswire. Additionally, the USD services will halt on February 8, 2023, from 22:00 UTC, read an email from Binance. The notice further said,
“After this time, the USD withdrawal function will be temporarily disabled and deposits into Binance USD accounts will be rejected and returned to sender. Importantly, all balances and other platform functions are unimpacted. We are working to resolve this administrative issue as soon as possible”
Notably, the update comes days after the crypto exchange revealed that its SWIFT banking partner had set a limit to USD transfers. The unnamed banking partner banned transfers below $100k via its SWIFT payment system, affecting users with USD accounts. This service disruption went into effect on February 1, 2023. Nonetheless, this disruption does not impact other services or corporate accounts.
The story is still updating…