Binance has announced the temporary suspension of bank transfers in US dollars, starting on February 8th.
Banking Challenges in the US
However, this announcement only affects international Binance users and not Binance.US customers. The company has stated that all other methods of buying and selling crypto will not be impacted.
Recently, Binance has faced banking challenges in the United States. Its SWIFT transfer partner, Signature Bank, announced that it would only process trades for users with USD bank accounts over $100,000, starting February 1st.
Binance has responded by seeking a new SWIFT partner and continues to accept USD trades using credit or debit cards and SWIFT trades using other currencies.
Impact on Tether USDT and USD Coin USDC Stablecoins
On February 1st, Binance also published a list of 144 countries where USD SWIFT transfers of any size would be suspended.
According to CNBC, citing Arkham Intelligence, there has been a small outflow of Tether USDT and USD Coin USDC stablecoins pegged to the dollar to other exchanges, compared to Binance’s $42.2 billion in crypto assets.
Yes I know they are separate entities but do not know if they use the same withdrawal processor. Hence the question.
— BTFD (@BTFD2021) February 6, 2023
Recommended reading: 5 Tips for Beginner Bitcoin Traders
https://youtu.be/Yo1M8ihnJvs