Binance To Hold USD Bank Deposit and Withdrawals

• Binance plans to halt deposits and withdrawals in US dollars (USD) on its platform
• Other services would be unaffected
• The suspension is just temporary

Binance plans to halt bank deposits and withdrawals in US dollars (USD) on its platform, according to @Tier10k, a famous Twitter-based financial media outlet. The prominent media account stated that the suspension is expected to endure for some weeks, citing sources acquainted with the case.

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The message reveals that the suspension will occur on February 8 at 22:00 (UTC), after which Binance USD deposits will be immediately denied, and USD withdrawals will be temporarily blocked on the site. Nevertheless, it also shows that other services would be unaffected, and customer balances will be maintained.

Moreover, the letter ensures that the suspension is just temporary, as the team is working to address the issues. While the snapshot does not specifically disclose the reason behind the suspension, Tier10k’s analysis suggests that it has to do with concerns with one of Binance’s banking partners.

All other ways of purchasing and selling cryptocurrency, including bank transfers using one of the other fiat currencies offered by Binance (including euros), credit cards, debit cards, Google Pay, Apple Pay, and our Binance P2P marketplace, remain unaffected.

In other news, Bitget launches aid for Turkish and Syrian earthquake victims. The cryptocurrency exchange Bitget offered condolences to the victims’ families following the aforementioned incident. In addition, the managing director of the exchange, Gracy Chen, disclosed that personnel in Turkey are currently researching ways to assist those harmed by the earthquake.

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