-: FOLLOW US :- @theinsaneapp
Binance, the largest crypto exchange, announced a pause on USD deposits and withdrawals from bank accounts starting Feb 8.
-: FOLLOW US :- @theinsaneapp
The cause of the pause is not specified, but it will only affect a small portion of the user base.
-: FOLLOW US :- @theinsaneapp
Other methods of buying and selling crypto such as credit cards, Apple Pay, Google Pay, and bank transfers with other fiat currencies will remain unaffected.
-: FOLLOW US :- @theinsaneapp
Binance.US clients will not be affected.
-: FOLLOW US :- @theinsaneapp
The collapse of FTX has made banks hesitant to partner with crypto firms.
-: FOLLOW US :- @theinsaneapp
Binance CEO Changpeng Zhao tweeted that while some banks are withdrawing support for crypto, others are moving in.
-: FOLLOW US :- @theinsaneapp
The pause on USD bank transfers is a "bad user experience," despite its minimal impact on customers.
-: FOLLOW US :- @theinsaneapp
Binance's banking partner, Signature Bank, stopped processing fiat to crypto transactions less than $100,000 in January.
-: FOLLOW US :- @theinsaneapp
The lender aims to decrease its exposure to crypto markets, cutting off as much as $10 billion in deposits from crypto clients.
-: FOLLOW US :- @theinsaneapp
The move was in response to a statement from the Federal Deposit Insurance Corporation that crypto-sector banking is considered a high-risk activity.