The crypto exchange Binance suddenly froze dollar withdrawals and deposits. As a result, transfers in the form of crypto assets from Binance to other crypto exchanges have soared.
Announcement of freezing withdrawals and deposits in United States dollars was announced by Binance on Monday (7/2/2023). The company led and founded by Zhao Chengpeng (CZ) did not state the reason for the suspension. "We have temporarily suspended bank transfers in the form of USD since February 8," a Binance spokesperson told CNBC International.
"Affected customers will be notified immediately. About 0.01% of our monthly active users use bank transfers in dollars. We are working hard to get this service back up and running."
This freeze does not apply to Binance US, which operates in the United States under the supervision of the United States Department of Finance. Therefore, the freeze only applies to customers who are not domiciled in the US and making dollar transfers.
Data from Arkham Intelligence shows that there has been a spike in outflows from the Binance crypto wallet in the form of stablecoins such as tether and USDC, to other crypto wallets.
According to Defillama, there are US$172 million worth of funds daily flowing out of Binance in US dollars. This amount is only a small part of the US$42.2 billion worth of crypto assets that Binance manages. Binance's crypto token, BNB, unaffected by the withdrawal freeze, is trading steady at US$328.
The crypto exchange Binance suddenly froze dollar withdrawals and deposits. As a result, transfers in the form of crypto assets from Binance to other crypto exchanges have soared.
Announcement of freezing withdrawals and deposits in United States dollars was announced by Binance on Monday (7/2/2023). The company led and founded by Zhao Chengpeng (CZ) did not state the reason for the suspension. "We have temporarily suspended bank transfers in the form of USD since February 8," a Binance spokesperson told CNBC International.
"Affected customers will be notified immediately. About 0.01% of our monthly active users use bank transfers in dollars. We are working hard to get this service back up and running."
This freeze does not apply to Binance US, which operates in the United States under the supervision of the United States Department of Finance. Therefore, the freeze only applies to customers who are not domiciled in the US and making dollar transfers.
Data from Arkham Intelligence shows that there has been a spike in outflows from the Binance crypto wallet in the form of stablecoins such as tether and USDC, to other crypto wallets.
According to Defillama, there are US$172 million worth of funds daily flowing out of Binance in US dollars. This amount is only a small part of the US$42.2 billion worth of crypto assets that Binance manages. Binance's crypto token, BNB, unaffected by the withdrawal freeze, is trading steady at US$328.
The crypto exchange Binance suddenly froze dollar withdrawals and deposits. As a result, transfers in the form of crypto assets from Binance to other crypto exchanges have soared.
Announcement of freezing withdrawals and deposits in United States dollars was announced by Binance on Monday (7/2/2023). The company led and founded by Zhao Chengpeng (CZ) did not state the reason for the suspension. "We have temporarily suspended bank transfers in the form of USD since February 8," a Binance spokesperson told CNBC International.
"Affected customers will be notified immediately. About 0.01% of our monthly active users use bank transfers in dollars. We are working hard to get this service back up and running."
This freeze does not apply to Binance US, which operates in the United States under the supervision of the United States Department of Finance. Therefore, the freeze only applies to customers who are not domiciled in the US and making dollar transfers.
Data from Arkham Intelligence shows that there has been a spike in outflows from the Binance crypto wallet in the form of stablecoins such as tether and USDC, to other crypto wallets.
According to Defillama, there are US$172 million worth of funds daily flowing out of Binance in US dollars. This amount is only a small part of the US$42.2 billion worth of crypto assets that Binance manages. Binance's crypto token, BNB, unaffected by the withdrawal freeze, is trading steady at US$328.
The crypto exchange Binance suddenly froze dollar withdrawals and deposits. As a result, transfers in the form of crypto assets from Binance to other crypto exchanges have soared.
Announcement of freezing withdrawals and deposits in United States dollars was announced by Binance on Monday (7/2/2023). The company led and founded by Zhao Chengpeng (CZ) did not state the reason for the suspension. "We have temporarily suspended bank transfers in the form of USD since February 8," a Binance spokesperson told CNBC International.
"Affected customers will be notified immediately. About 0.01% of our monthly active users use bank transfers in dollars. We are working hard to get this service back up and running."
This freeze does not apply to Binance US, which operates in the United States under the supervision of the United States Department of Finance. Therefore, the freeze only applies to customers who are not domiciled in the US and making dollar transfers.
Data from Arkham Intelligence shows that there has been a spike in outflows from the Binance crypto wallet in the form of stablecoins such as tether and USDC, to other crypto wallets.
According to Defillama, there are US$172 million worth of funds daily flowing out of Binance in US dollars. This amount is only a small part of the US$42.2 billion worth of crypto assets that Binance manages. Binance's crypto token, BNB, unaffected by the withdrawal freeze, is trading steady at US$328.
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