Starting on February 8, 2023, Binance will temporarily halt all USD deposits and withdrawals as they resolve an administrative issue. In a statement issued, a Binance spokesperson assured affected customers were to be notified directly, with the suspension only affecting 0.01% of monthly active users.
The statement noted, “We are temporarily suspending USD bank transfers as of February 8th. Affected customers are being notified directly. Only 0.01% of our monthly active users leverage USD bank transfers.”
Currently, there is no reasoning given behind the suspension of USD withdrawals. Conversely, Binance has assured that “All other methods of buying and selling crypto remain unaffected, including bank transfer using one of the other fiat currencies supported by Binance,” according to the spokesperson.
Additionally, the statement noted, “All other methods of buying and selling crypto remain unaffected, including bank transfers using one of the other fiat currencies supported by Binance (Including Euros), buying and selling crypto via credit card, debit card, Google Pay and Apple Pay, and via our Binance P2P marketplace.”
Subsequently, there has been no firm timetable as to when the suspension of USD activity would be lifted for the platform.
Binance’s exchange token, BNB has been largely unaffected by the news. As of this writing, it is now holding at 330.09.