• Binance is pausing all USD bank transfers from Wednesday the 8th of February.
• The pause is due to Signature Bank setting a $100,000 transfer minimum on SWIFT USD transactions.
• The suspension could last a few weeks as Binance establishes a new US banking partner.
Binance to Pause US Dollar Bank Transfers
Binance will temporarily pause USD transfers as it looks for a new US-based banking partner to process SWIFT transactions. All USD bank transfers will be paused starting Wednesday the 8th of February and may last a few weeks until Binance finds an adequate replacement.
Why the Pause?
The pause on USD transfers comes after Signature Bank informed Binance that they would be setting a $100,000 transfer minimum on SWIFT USD transactions to and from the platform as of 1st of February. This decision was made in order to decrease Signature Bank’s exposure to the digital asset market.
Impact on Customers
Affected customers are being notified directly by Binance about the temporary suspension, which only applies to 0.01% of its monthly active users using USD bank transfers. All other platform functions remain unaffected, including buying and selling crypto via credit card or debit card, Google Pay and Apple Pay, or through the Binance P2P marketplace.
Resolving Issue Quickly
Binance is working quickly to resolve this administrative issue and let customers know when they can resume their deposits and withdrawals with USD as soon as possible.
Conclusion
All balances and other platform functions remain unimpacted during this temporary suspension period while Binance finds a suitable US banking partner for processing SWIFT transactions with more favorable terms than before.
