Binance has officially announced that it will no longer accept U.S. dollar transfers this week, starting February 8. The 0.01% of monthly active users who use USD bank transfers were notified directly by Binance, and the company said it is striving to restart the service as soon as possible.
A Binance representative assured customers that all other methods to buy and sell cryptocurrencies, including deposits/withdrawals for euros, will stay untouched. Additionally, users can still purchase digital assets with their credit cards and through Google Pay or Apple Pay on the peer-to-peer marketplace provided by Binance.
Binance has an extensive international user base as the world’s largest cryptocurrency exchange. Unfortunately, due to regulatory measures, they cannot offer services within the U.S. and redirect their US-based customers to a smaller but trusted affiliate -Binance U.S.
Though Binance has not acknowledged why it discontinued USD bank transfers, this suspension likely relates to difficulties with its banking partner Signature Bank. Last month, the bank declared that SWIFT transactions for crypto below $100K would no longer be approved.
Following the announcement, Binance revised its list of countries ineligible for SWIFT transfers.