Fears as Binance Stops USD Deposits, Withdrawals

Crypto exchange, Binance has announced that it will temporarily suspend USD deposits and withdrawals on February 8th because of an administrative issue.

A Binance spokeswoman told WatcherGuru that affected clients would be notified individually and that the suspension would affect only 0.01% of monthly active users.

Though the information appears to be regular, crypto users have expressed worries on as many strong and successful crypto enterprises have experienced an unexpected crash in recent weeks.

“We are temporarily suspending USD bank transfers as of February 8th. Affected customers are being notified directly.

All other methods of buying and selling crypto remain unaffected, including bank transfers using one of the other fiat currencies supported by Binance (including Euros), buying and selling crypto via credit card, debit card, Google Pay, Apple Pay, and via our Binance P2P marketplace” Binance spokesman said.

Also, the spokesman for Binance confirmed that “all other methods of buying and selling crypto remain unaffected,” including bank transfers using one of the other fiat currencies offered by Binance.

Binance’s hurriedly stated intention to suspend USD withdrawal and deposit is not the cryptocurrency company’s first such abrupt measure. Something quite similar happened late last year.

The exchange announced the suspension of UDSC stablecoin withdrawals on December 12th, following the fall of FTX.

This brought about worry from users who predicted that the largest cryptocurrency company would face the same fate as FTX.

However, CEO Changpeng Zhao added in a tweet that, as the exchange witnessed an increase in USDC withdrawals, the exchange opted to suspend withdrawals because the banks that might honor them were closed.

Zhao’s answer calmed the users’ fears and suspicions.

Users are urged to remain calm and assured that nothing disastrous or terrible will happen to their funds as a result of this latest upgrade.

Users should expect a more detailed explanation of the administrative issue from the Binance team.

The company has shown to be one of the greatest and most honest cryptocurrency companies and so, there is no cause for concern.

The cryptocurrency exchange has no record of any wrongdoing or anomalies. Users can feel certain that nothing fishy is taking place.

Binance announced the debut of Binance Tax on Monday, a service that will endear many users to the platform while also ensuring taxation is easily tracked and computed.