Binance Temporarily Suspends US Dollar Deposits and Withdrawals

Binance, the largest cryptocurrency exchange globally, has announced a temporary suspension of US dollar deposits and withdrawals starting on February 8th. A Binance spokesperson stated that the company is working to restart the service as soon as possible, but did not give a reason for the suspension.

Only non-US customers using bank accounts in dollars will be affected by the decision, while Binance US, a regulated unit of Binance, is not impacted. Data from DefiLlama showed that Binance experienced a net outflow of over $172 million for the day after the announcement. Despite this, the spokesperson claimed that Binance was still net-positive on deposits.

Binance’s exchange token, BNB, remained stable at around $328. Customers can still purchase crypto using other fiat currencies or payment methods. A new partner for affected users is expected to be announced in the coming weeks.