Binance Has Stopped Allowing USD Deposits And Withdrawals Due To The Lack Of Banking Partners

Key Points:

• Because of the loss of a banking partner, Binance exchange abruptly stated that it would cease facilitating USD deposit and withdrawal activities on February 9, 2023.
• A Binance spokesperson at the time told customers that just Signature Bank had altered its attitude, while other partners continued to operate normally, and Signature Bank accounted for barely 0.01% of transaction volume.

Binance, the world’s largest cryptocurrency exchange, appears to be still looking for a new banking partner to handle USD deposits and withdrawals.

According to a Twitter source, the Binance exchange abruptly declared that it would no longer handle USD deposit and withdrawal operations from February 9, 2023 due to the loss of a banking partner. The platform will no longer handle USD withdrawals, and USD deposit transactions will be denied and refunded to the sender’s account. The adjustment will be effective from 05:00 AM on February 9 until further notice.

A Binance spokesman verified the aforementioned facts, indicating that just 0.01% of users were affected.

“In the meanwhile, all other crypto trading methods, including banking with other fiat currencies accepted by Binance (including euros), buying and selling crypto using credit cards, app, debit card, Google Pay, Apple Pay, or through the Binance P2P marketplace, will remain unchanged.”

Previously, on January 22, Binance said that one of its US banking partners, Signature Bank, has modified the terms of its partnership with the exchange in order to decrease its exposure to the cryptocurrency industry. As a result, only USD transactions for $100,000 USD or more are accepted.

A spokesperson at the time told customers that just Signature Bank had altered its attitude, while other partners continued to operate normally, and Signature Bank accounted for barely 0.01% of transaction volume.

Many cryptocurrency users are afraid that this might be a hint that the world’s largest cryptocurrency exchange has lost access to the traditional banking industry as a result of its involvement in a money-laundering probe money from the US Department of Justice, but there is no proof to back that accusation.

The crypto market has yet to respond to the most recent Binance news.

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