Starting Wednesday, Binance, the biggest cryptocurrency exchange, will discontinue the use of US dollar bank transfers. This news has been corroborated by Coindesk and is confirmed by the company itself; a spokesperson noted that 0.01% of customers had utilized this feature due to its lack of popularity amongst users within their system.
Even though the specifics of the suspension are still unknown, customers can rest assured that they will be able to continue making deposits with traditional currencies like euros as well as credit and debit cards, Google Pay, Apple Pay, and even peer-to-peer transactions on the Binance platform.
This Is Not Binance ‘s First Problem With Its Banking Systems
Binance‘s recent woes with the banking system are not its first this year. On January 21, they proclaimed to customers via email that after February 1, any transfers of US dollars for cryptocurrency purchases or sales under $100k could no longer be executed through the SWIFT network. A standardizing platform created in the 70s, SWIFT was previously utilized by crypto exchanges so global patrons could transfer funds using foreign currency.
It appears that Binance is having an issue with its current partner responsible for remittances. However, they have yet to comment on the subject in their ad and are instead searching for a new collaborator.
Binance recently sent an email warning that their banking partner cannot process US dollar transactions through SWIFT for amounts less than $100,000. This means that after February 1st, buying or selling cryptocurrencies with US dollars via SWIFT for sums below the said amount will be extremely difficult unless a workaround is found.
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