Beginning on Wednesday, overseas clients’ withdrawals and deposits from U.S. bank accounts will be temporarily suspended, according to inance, the biggest centralised cryptocurrency exchange (CEX) platform in the world.
Binance stated in a tweet sent earlier this week that it will temporarily stop all USD bank transfers but that other payment options will still be available and that the suspension will only impact a tiny percentage of its customers.
The CEX stated that it “is working diligently to restart the U.S. dollar transfer as soon as feasible,” but without providing a specific timeframe for its return.
“From February 8th, we will temporarily suspend all USD bank transfers,” Binance said in a tweet, adding that “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.” It assured customers that “all other methods of buying and selling crypto remain unaffected.”
Binance.US, the division of the crypto empire governed by American law, launched after the announcement. The Financial Crimes Enforcement Network of the Treasury Department stated that it is unaffected by the temporary prohibition on bank transactions in U.S. dollars and made it clear that the statement solely applies to non-U.S. banks. clients who make dollar-based transfers between their bank accounts.
According to the company’s official Twitter account, “Binance.US is not affected by this suspension,” and “until you see an official word from Binance.US, our customers will not be harmed.”