Binance Temporarily Halts USD Bank Transfers
- Binance, the largest cryptocurrency exchange by daily traded volume and one of the most regulated firms worldwide, will temporarily halt all USD bank transfers.
- The move is due to increasing regulatory pressures from global governments as a result of recent crypto-market implosions.
- Despite this suspension, Binance still offers an operational Visa card that can be used in 12 countries.
Impact on Users
The suspension of USD transfers will only affect a small portion of the userbase. Other methods such as buying and selling cryptocurrency remain unaffected. Binance has also advised its EU and Asian customers to remain calm as business continues as usual.
Regulatory Pressure on Crypto Market
This halt is likely due to increasing pressure from global regulators who are looking for ways to control the crypto market following recent implosions at FTX and Alameda which affected millions of individuals around the world. The US Federal Reserve’s inflation control measures are expected to have an effect on the entire crypto market.
Binance Visa Card
Binance offers an operational Visa card which is available in 12 countries and typically takes 45 days to be shipped depending on destination. This provides users with an alternative method for purchasing or selling cryptocurrencies without being impacted by current suspensions or regulations.