Binance to temporarily suspend USD transfers on Feb. 8

Quick Take

  • The Binance team is working to resolve what will be a temporary halt of U.S. dollar transfers on the exchange effective February 8th, said CEO Changpeng Zhao.
  • The restrictions will not affect users on Binance.US.

Binance said Monday that it would temporarily halt U.S. dollar transfers on Feb. 8, a move the company claims would only affect a "small proportion" of its users.

“It is worth noting that USD bank transfers are leveraged by only 0.01% of our monthly active users,” Binance CEO Changpeng Zhao tweeted, acknowledging that “this is still a bad user experience and the team is working on quickly resolving this issue.”

"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," he added in a later tweet

“All other methods of buying and selling crypto remain unaffected,” the company added.

The restrictions will not affect Binance.US, the company's separate U.S. exchange that's a "licensed and regulated digital asset marketplace in the United States.”

Binance did not immediately respond to a request for comment from The Block.

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