Binance has just dropped very alarming news on the users revealing that the deposits for the US dollar will be put on hold. Even the same halt has been implemented on the withdrawals for the US dollar.
The latest update confirms that the deposits and withdrawals in the US dollar have been halted by the exchange for the banks.
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Halt on USD Deposits and Withdrawals
According to the cryptocurrency exchange executives, the users will neither be able to make deposits nor withdrawals in USD via the bank accounts.
They have confirmed that the halt on these activities is to come into play starting Wednesday. The new announcement has taken the entire cryptocurrency industry by storm.
Among the entire crypto community, it is the Binance users that are mainly affected by the exchange’s announcement.
The most concerning part of the latest update are that the exchange has provided no particular reason behind its decision.
Even the spokesperson at the Binance exchange provided no reason at all for putting a halt on the deposit and withdrawal services.
Temporary Suspension of USD Transfers
As of now, the exchange has made it look like a temporary halt as the spokesperson’s statement confirmed.
The spokesperson confirmed that starting February 8th, they will be suspending the USD deposits and withdrawals access through the bank transfers.
The spokesperson did clarify that the suspension is going to be temporary. It was also confirmed that they will be notifying the customers about their decision.
Several customers on the exchange will be affected by the latest decision made by the exchange. Therefore, it is important that they reach out to each one of them and notify them as their highest priority.
The spokesperson also made it clear that the suspension may be temporary but it is indefinite. They cannot provide a date/time as to when the services will be put back on for the users.
All they know is that they have been working hard to resolve the problem. They are eager to deal with the situation more than anyone else. Their entire goal is to put the services back on as quickly as possible.
Impacted Active Users
The spokesperson went on to confirm that 0.01% of their active users using their services on a monthly basis take advantage of the service.
Although the figure is too low, they still want to facilitate all of their users to ensure they feel free and welcome.
They want to bring back the leverage to the users so they can start transferring funds to and from their banks in USD.
The spokesperson also confirmed that only the USD bank transfers are impacted by their decision. The users can continue depositing or withdrawing funds through other mediums.
The exchange is used to facilitate such activities via multiple channels such as Apple Pay, Google Pay, and even credit cards. These services will remain unaffected throughout the course of time.
They want to bring the USD transfers back to the users as fast as they can. They are making all the necessary efforts to make it happen so the delay can be shrunk.
Concerns have been Raised
It is common thing that the crypto entities to provide several explanations whenever their deposit and withdrawal facilities are impacted.
As Binance has provided no explanation on the matter, it has raised many concerns among the users and the crypto community.
Many have claimed that the exchange has started acting abnormally since it provided wrong data for its proof-of-reserve for Bitcoin.
The users are concerned that even though it is for 0.01% of users, suspending the deposits/withdrawals is something that is considered fishy in the crypto industry.
Binance US, which claims to be a completely separate entity from the Binance International brand has issued a statement from its end.
It has clarified that it has no financial or information-related link with the Binance International exchange.