Cryptocurrency exchange Binance on Monday announced a temporary suspension of U.S. dollar deposits and withdrawals using bank accounts.
The suspension is set to begin on Wednesday, and the exact reason for this change was not disclosed.
Notably, bank transfers using other fiat currencies such as euros are not affected by this suspension.
Binance stated that only a small percentage of their monthly active customers use USD bank transfers, but the company is working hard to restart the service as soon as possible.
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Other methods of buying and selling cryptocurrency on the platform, such as through credit cards, Google Pay, and Apple Pay, remain unaffected.
Cryptocurrency companies have faced difficulties in finding banking partners to support their operations.
The recent collapse of FTX has led federal regulators to issue warnings to banks regarding the potential risks associated with doing business with crypto firms.
Binance previously reported that its banking partner, Signature Bank, will only handle transactions above $100,000 to decrease its exposure to the digital asset market.
A spokesperson for Signature Bank stated that they could not comment on client-related matters.
Photo: Binance
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