Binance suspends international U.S. dollar deposits and withdrawals

Binance has not given a reason for the suspension, but has indicated that it is working to resolve any issues.


Crypto exchange firm Binance has found itself in the news again on Monday. The company has issued a statement that it is temporarily suspending any international transfers of U.S. dollars. There was no reason given for the suspension, but Binance is hopeful that it can return to normal operations soon.

"We are temporarily suspending USD bank transfers as of February 8th," reads a Binance statement to CNBC. The statement adds that any customers affected by the suspension are being notified directly. The company is looking to restore service as soon as possible.

The Binance spokesperson added that the company remains net-positive on deposits. The company's dollar outflow was at $172 million USD for the day, keeping it valued at roughly $42.2 billion in crypto assets. Even with today's news, Binance's token value remains steady. As of the time of this post, Yahoo! Finance has shares valued at $328.79.

Binance shares from February 6, 2023

Source: Yahoo! Finance

Binance also indicated to CNBC that Binance's American branch works with its own banking partners and is not experiencing any issues. The main Binance exchange only serves international users. The spokesperson noted that partner alternatives will soon be made available to anybody affected by Monday's suspension.

Binance alarmed crypto users late last year after backing out of a potential FTX takeover. However, the company appears to be holding steady in spite of crypto's last few rocky months. We'll continue to watch this story and report back on this and other major crypto stories as they develop.

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