Binance exchange temporarily suspends USD deposit and withdrawal because it cannot find a banking partner to support the service

Crypto exchange Binance is facing a difficult problem when it cannot find a unit that provides USD deposit and withdrawal services for customers.

According to sources, the Binance exchange suddenly announced that it will stop supporting USD deposits and withdrawals from February 9, 2023 because of the loss of a banking partner. Accordingly, Binance will stop supporting USD withdrawals, while USD deposit transactions on the exchange will be rejected and returned to the sender’s account. The application time changes from 05:00 AM on 09/02 (Vietnam time) until further notice.

A representative of Binance also confirmed the above information to CoinDesk, claiming that only 0.01% of users were affected.

“In the meantime, the rest of the crypto trading methods will remain unaffected, including banking with other Binance-supported fiat currencies (including euros), and buying and selling crypto with credit cards. app, debit card, Google Pay, Apple Pay or through the Binance P2P marketplace.”

The temporary interruption of USD deposits and withdrawals affects only customers operating on Binance.com, while Binance’s exchange for the US market, Binance.US, remains open as usual.

Previously, Binance had to admit that one of their banking partners in the US, Signature Bank, changed the conditions of cooperation with the exchange because they wanted to reduce their exposure to the cryptocurrency sector, thereby only supporting USD transactions valued at $100,000 or more.

The representative of Binance at the time reassured users that only Signature Bank had changed its stance, while other partners were still operating normally and the transaction volume from Signature Bank accounted for only 0.01% of users. Monthly.