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Crypto: Binance to temporarily suspend bank transfers of U.S. dollars

Binance, the world’s largest crypto exchange, said it would temporarily suspend deposits and withdrawals of U.S. dollars via bank accounts starting Wednesday, Feb. 8. 

“It’s worth noting that only 0.01% of our monthly active users leverage USD bank transfers, but that we are working hard to restart service as soon as possible,” a Binance spokesperson wrote in an emailed statement Monday. 

Other methods of buying and selling crypto on Binance, such as credit card, debit card, Google Pay, Apple Pay and the crypto exchange’s P2P marketplace, remain unaffected, according to the statement. 

The spokesperson declined to provide a reason for the suspension. 

Last month, Binance said its banking partner Signature Bank would only handle user transactions of more than $100,000. The bank said in December that it would shrink its crypto-related deposits by $8 billion to $10 billion. 

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