Crypto exchange Binance announced that it will temporarily suspend USD deposits and withdrawals on February 8 due to an administrative issue. A Binance spokeswoman told WatcherGuru that affected clients will be notified individually and that the suspension will impact only 0.01 % of monthly active users.
The company emphasized that all other methods of buying and selling crypto remain unaffected. This includes bank transfers in other fiat currencies supported by Binance (such as euros), purchases via credit or debit cards, Google Pay, Apple Pay, and transactions on the Binance P2P marketplace. A Binance spokesman reiterated that “all other methods of buying and selling crypto remain unaffected,” confirming that only USD bank transfers are being halted.
This is not Binance’s first abrupt measure of this kind. Late last year, the exchange suspended USDC stablecoin withdrawals on December 12 following the fallout from FTX. At the time, users feared a similar fate for Binance, but CEO Changpeng Zhao clarified via Twitter that the suspension was due to banks being closed to honor the withdrawals, which had been increasing. His response helped calm concerns.
Users are urged to remain calm and reassured that their funds are safe. Binance is expected to provide a more detailed explanation of the administrative issue soon. The exchange has a strong reputation for honesty and has no record of wrongdoing or anomalies, so there is no cause for alarm.
In other news, Binance announced the launch of Binance Tax on Monday, a service designed to simplify tax tracking and calculation for users, further enhancing the platform’s appeal.
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