Binance Announces it Will Suspend USD Bank Transfers

Binance will temporarily stop bank transfers in US dollars starting tomorrow.

According to Binance CEO Changpeng Zhao, the restrictions will affect a small portion of users. He has written:

“Only 0.01% of our active users use bank transfers in US dollars every month.”

He has added that the exchange will work as quickly as possible to eliminate the problem, but did not disclose its cause.

The restrictions will not affect Binance.US.

Binance’s banking partner, Signature Bank, announced last month that it would stop processing SWIFT payments of exchange users in fiat dollars in the amount of less than $100,000.