• Binance will pause US dollar bank transfers to and from its platform on Wednesday the 8th of February.
• This suspension is temporary, and may last a few weeks as Binance establishes a new US banking partner.
• The pause on USD transfers comes after Signature Bank informed the crypto exchange that it would be setting a $100,000 transfer minimum on SWIFT USD transactions.
Binance to Pause US Dollar Bank Transfers
Binance has announced that it will temporarily pause US dollar (USD) transfers as it looks for a new US-based banking partner to process SWIFT transactions. The suspension is expected to last a few weeks until the cryptocurrency exchange finds an appropriate partner.
Previous Banking Partner Minimums
The pause on USD transfers comes after Binance’s US banking partner Signature Bank informed the crypto exchange that it would be setting a $100,000 transfer minimum on SWIFT USD transactions to and from the Binance platform as of the 1st of February 2021. Bloomberg reported that Signature Bank made this decision in order to decrease its exposure to the digital asset market.
Impact On Customers
A spokesperson for Binance said affected customers are being notified directly, adding that only 0.01% of the platform’s monthly active users use USD bank transfers. All other platform functions remain unimpacted including bank transfer using one of the other fiat currencies supported by Binance (including euros), buying and selling crypto via credit card, debit card, Google Pay and Apple Pay and via their Binance P2P marketplace.
New Partnerships
Binance is currently searching for alternative partners in order to resume USD deposits and withdrawals as soon as possible. The company stated they are working hard in order to resolve this administrative issue quickly so customers can continue using their services without interruption.
Conclusion
While this issue may cause some disruption for customer’s access to their funds, all balances remain unimpacted during this period. As soon as alternative solutions are found, customers will once again have access to their funds through various platforms offered by Binance such as credit/debit cards, Google Pay or Apple Pay etc..