Syed Imran Haider 
Binance is a well-known crypto exchange that is widely used for crypto-related trades and activities.
It is currently the world’s largest crypto exchange and its CEO announced on Monday that they won’t be entertaining USD transfers anymore.
Being a crypto giant, they didn’t provide a reason for doing so. They will simply suspend U.S. dollar deposits and withdrawals.
Their spokesperson said that they’re temporarily suspending USD bank transfers as of February 8, 2023. Affected individuals will be notified directly.
0.01% of their monthly active users leverage USD bank transfers. They further added that they are working hard to get their services running up again.
Statement by Binance US
Binance US released a statement saying that they’re not affected by the suspension. This suspension holds value only for Non-US customers who transfer money to or from bank accounts in USD.
Binance US is currently being regulated by the Treasury Department’s Financial Crimes Enforcement Network.
Arkham Intelligence, a blockchain analytics startup showed data in which spikes were seen in outflows from Binance’s crypto wallets.
These spikes indicate that millions of dollar-pegged stablecoins such as tether and USDC flowed to rival exchanges or individual wallets.
The net U.S. dollar outflow from Binance was over 172 million USD for the day however, this represents only a fraction of its net worth.
The net worth of this crypto giant stands at 42.2 Billion USD at the moment and 172 million USD seems like a tiny amount in comparison.
Statement by Binance Spokesperson
Binance’s spokesperson further said that they’re still positive on net deposits. Outflows always go up when prices start to level off.
If we mention Bitcoin, it rose more than 38% in January, its best month since October 2021. Binance’s exchange token, BNB, remained unaffected by this suspension and still stands at 328$.
Signature Bank, which is the banking partner of Binance U.S., increased the minimum USD transactions to 100,000 USD in late January.
Signature told the exchange that the new minimum applied to all crypto exchange customers.
Binance’s spokesperson further announced that they’ll have a new partner to announce for the affected users in the next couple of weeks.
They can still other fiat currencies or payment methods to purchase crypto. Binance supports the trading of many cryptocurrencies, including Bitcoin, Ethereum, and others. It provides users with a secure platform.
Variety of Products Offered by Binance
In addition to its exchange services, Binance also offers a variety of other products. These products include their own crypto-currency wallet and a decentralized exchange platform.
It’s important to review Binance’s rules and regulations in full before using its platform. It is to ensure that users understand and are in compliance with all relevant policies.
They require users to implement strong password policies and use two-factor authentication to secure their accounts. In conclusion, Binance suspending USD didn’t have much of an effect on its net worth.
However, a small number of people remain affected and have to be dealt with. Binance’s spokesperson announced that a separate entity will be dealing with them soon.
In the meanwhile, they will have to adjust to Binance’s new policies and trade in crypto accordingly keeping in mind that Binance has USD suspended for now.
Their users can still purchase crypto using other currencies and that makes things a little bit easier for the existing customers.
