Binance suspends USD Bank deposits & transfers, Here is why?


Binance exchange announced that the platform suspended USD deposits & withdrawals on the global platform, which will impact 0.01% of Binance users. 

Binance is a first-ranked crypto platform. This exchange provides services in several countries. In the United States, Binance provides services via an independent subsidiary BinanceUS. The number of crypto assets available on BinanceUS is limited to 120, on behalf of the qualified crypto assets under the purview of US authorities. 

On 7 Feb 2023, the Binance exchange announced that Bank deposits & withdrawals of USD on the platforms will remain suspended temporarily.

Binance failed to provide the main reason behind this problem but confirmed that all the services on the exchange are working smoothly for the users. 

Here this issue will not impact the BinanceUS service. BinanceUS confirmed that & Binance.US are independent & this will not impact the USD deposit & withdrawal on the BinanceUS exchange. 

Changpeng Zhao (CZ), CEO of the Binance exchange, disclosed that many Banks suspended their Banking support for the exchange.

CZ confirmed that many Banks are withdrawing support for the Crypto sector but at the same time, many banks are jumping toward the Crypto sector. 

Yesterday, Binance launched a Tax calculator tool for French customers. Later Binance will release this service in other countries. 

Binance coin 

Binance coin (BNB) is a native coin on the Binance Smart Chain (BSC) network. The BNB coin project is fully backed by Binance exchange. The current trade price of the BNB coin is $326 & the price of this coin is 25% high over the last 30 days of trade price.

Binance suspends USD Bank deposits & transfers, Here is why? 1

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