Binance Suspends USD Deposits and Withdrawals

Binance, the world’s largest cryptocurrency trading exchange, is introducing a ban on opening dollar deposits and withdrawing dollars, the company said in a statement, while the reasons for the decision were not specified. Interfax-Kazakhstan.

“We are temporarily suspending dollar bank transfers as of February 8th,” said a Binance spokesperson, quoted by CNBC. However, he added that the company is working to resume these operations as soon as possible.

Binance US, the US business of the company regulated by the Financial Crimes Enforcement Network (FinCEN) of the US Treasury Department, posted on Twitter that it was not affected by the decision to suspend operations. As such, it only applies to users outside the US who transfer dollars to or withdraw dollars from bank accounts.

Binance’s announcement triggered a sharp increase in the outflow of funds from the exchange’s cryptocurrency wallets, according to Arkham Intelligence. The net cash outflow from the site exceeded $172 million per day, according to DefiLlama data. By comparison, the company has $42.2 billion in cryptocurrency assets, so the outflow is negligible, Arkham notes.

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