Get All Access for $5/mo

Crypto Exchange Binance to Suspend US Dollar Transfers Binance will suspend U.S. Dollar deposits and withdrawals from 8 February onwards

By Saptak Bardhan

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Wikimedia Commons

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
Saptak Bardhan

Former Trainee Writer

Former Trainee Writer
News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Leadership

Should I Stay or Should I Go? 8 Key Points to Navigate the Founder's Dilemma

Here are eight key signs that help founders determine whether to persevere or let go.

Science & Technology

5 Rule-Bending AI Hacks to Make Your Mornings More Productive and Profitable

By 2025, AI will transform productivity by streamlining workflows and cutting costs. Major companies like Microsoft, Google, and OpenAI are leading the way, advancing AI into "Phase 3," where tools act as digital assistants. Discover 5 AI hacks to boost efficiency and redefine your daily routine.