Beginning on February 8th, Binance has stated that it would temporarily stop accepting bank transfers in dollars.
Leading cryptocurrency exchange Binance has stated that, as of February 8th, it would temporarily stop accepting bank transfers in dollars. A evaluation of its services led to the decision, which showed that just a small percentage of its monthly active users depend on American dollar bank transactions.
A spokeswoman for Binance stated that the business has already alerted the clients who are affected and is attempting to find a quick solution.
Other ways to buy and sell cryptocurrencies, like as bank transfers using euros and other fiat currencies accepted by the crypto exchange, are unaffected in the interim.
Customers can still purchase and sell cryptocurrencies via alternative channels, such as credit and debit card transactions, Google Pay, Apple Pay, and the peer-to-peer (P2P) exchange offered by Binance.
Users can trade bitcoins using these alternatives instead of bank transfers. In an effort to improve the security and dependability of its services, the crypto exchange has temporarily suspended U.S. dollar bank transfers. According to the business, it is still dedicated to giving clients a seamless and easy-to-use experience.