Binance suspends USD transfers due to lack of banking partner
If you use Binance cryptocurrency exchange and live in US, this is important. Binance has announced that it would be suspending USD deposits and withdrawals starting 8th of February 2023. After 2200, any USD sent to Binance’s USD accounts would be rejected and returned back to sender.
So what is the reason behind this bad news? Binance has lost support of their currency banking partner and it can take them few weeks to find a new partner to process the USD deposits and withdrawals.
The same thing happened with their SEPA transfers a couple of years ago. Just because Binance is not licensed for money institution activities, they have to rely on 3rd parties and such parties in this industry have a tendency to change. Not a big deal if you asked us.
#BREAKING – Popular cryptocurrency exchange #Binance has suspended all USD and US bank transfers. Infact, the exchange still has not found a new banking partner to do USD payments.
Any transfers done into binance #USD accounts will be rejected and returned back to sender.
— Kamal Singh 👑 (@emphatic) February 6, 2023
In other words, until new banking partner is found, you will not be able to use your current bank account to buy/sell cryptocurrency using USD via SWIFT with value less than $100,000 after 1st February 2023.