Crypto Exchange Binance to Suspend USD Deposits and Withdrawals | Economy news | News

Starting February 8, Binance, the world’s largest cryptocurrency exchange, will temporarily suspend deposits and withdrawals in US dollars. This was reported on February 7 by the portal CNN Business with a link to the company’s message.

“This will only affect a small portion of our users and we are working hard to restart the service as soon as possible. All other methods of buying and selling cryptocurrencies remain in effect,” the publication says.

According to Binance CEO Changpeng Zhao, only 0.01% of users make transactions in US currency. However, the company assured that they are working on a quick solution to this problem.

CNN Business also notes that Binance.US, the US division of the exchange, which is regulated by the US Department of the Treasury’s Financial Crime Unit, continues to operate as usual, with withdrawals and deposits in dollars available there.

The reasons for the introduction of restrictions and the timing of their action were not reported.

On February 2, the Bitcoin exchange rate rose above $24,000, which was a record since August 2022. Earlier, on January 25, PhD in Economics, financial economist Mikhail Belyaev allowed bitcoin to rise to $30,000. He noted that the rate would gradually rise, as there are people who bought it much cheaper and who can dump coins to generate income.

In November, Aleksey Fedorov, a leading economist at the TeleTrade information and analytical center, expressed the opinion that it was impossible to make a list of crypto exchanges that could go bankrupt due to the collapse of FTX. However, he noted the resilience of companies such as Binance and Coinbase Exchange.

On November 11, it became known that the FTX crypto exchange filed for bankruptcy in the United States, and its CEO Sam Bankman-Fried resigned.

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