Crypto Exchange Binance to Suspend US Dollar Transfers

Binance will suspend U.S. Dollar deposits and withdrawals from 8 February onwards

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Binance, the world's largest cryptocurrency exchange, on Monday announced it will suspend U.S. Dollar deposits and withdrawals from 8 February onwards, according to a report

"We are temporarily suspending USD bank transfers as of February 8th. Affected customers are being notified directly. 0.01 per cent of our monthly active users leverage USD bank transfers. We are working hard to restart service as soon as possible," said the company.

The US unit of Binance that is regulated by the Treasury Department's Financial Crimes Enforcement Network said it has not been affected by the suspension in a tweet. The suspension pertains to non U.S. customers transferring money to or from bank accounts in dollars.

Binance exchange's token BNB's valuation remained steady at $328. There was a sharp spike in outflows from Binance's crypto wallets, as millions of dollars –pegged stablecoins such as Tether and flowed to rival exchanges according to data from Arkham Intelligence

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