02-06-2023 icon

Binance Suspends USD Deposits and Withdrawals

By Lucy Adegbe
Binance debit card

World’s largest crypto exchange, Binance has confirmed that the exchange plans to pause bank transfers of U.S. dollars this week. 

“We are temporarily suspending USD bank transfers as of February 8th. Affected customers are being notified directly. It’s worth noting that only 0.01% of our monthly active users leverage USD bank transfers, but that we are working hard to restart service as soon as possible,” Binance said in a recent email.

According to a representative of the exchange, all other methods of buying and selling crypto on the exchange will remain unaffected, including deposits and withdrawals for euros. 

Binance users will also be able to continue buying and selling crypto with credit cards, Google Pay, Apple Pay, and on the Binance peer-to-peer marketplace, the spokesperson said.

The exchange serves a global user base but excludes U.S. residents from its platform for regulatory reasons. It instead redirects U.S. users to its American affiliate, Binance US, which is a considerably smaller exchange.

While Binance did not confirm the reason for the pause in USD bank transfers, the suspension is likely due to issues with its bank partner Signature Bank, which said last month that it would stop processing crypto SWIFT transactions under $100,000.

After the announcement, the exchange updated its list of countries where SWIFT transfers are not supported.