Binance Suspends All Bank Transfers in US Dollars – Temporary Freeze

According to the latest reports, it seems that Binance made a terrifying move for investors. Check out the latest reports below.

Binance said recently that it’s pausing all bank transfers denominated in the US dollar.

In a brief message on Twitter, the leading crypto exchange by volume says it expects the freeze to affect a small number of users.

“From February 8th, we will temporarily suspend all USD bank transfers.”

The exchange continued and said:

“Only a small proportion of our users will be impacted by this, and we are working hard to restart the service as soon as possible. All other methods of buying and selling crypto remain unaffected.”

Binance stopped serving US customers back in 2019 due to regulatory concerns.

The company then formed a partnership that led to the launch of Binance.US, which is a separate US-regulated entity.

Binance, the world’s largest crypto exchange by trading volume, said that it is committed to growing a relationship between traditional financial services and crypto.

“Binance Card is part of our ongoing efforts toward evolving the relationship between existing financial services and the growing crypto ecosystem. The card is in its beta launch phase in Brazil, and will be widely available in the coming weeks.”

Binance said that Brazil is one of the exchange’s top 10 markets. Brazil will be the second Latin American company to receive the Binance Card after it was launched last year in Argentina.

The announcement notes the fact that any Brazilian Binance user with a valid national ID will be able to use the card and manage it through the Binance app.

“The Binance Card issued by Dock will allow all new and existing Binance users in Brazil with a valid national ID to make purchases and pay bills with cryptocurrencies, including Bitcoin and BNB, at over 90 million Mastercard merchants worldwide, both in-store and online.”