Cryptocurrency Q&A
Why is USD suspended on Binance?
Why is USD suspended on Binance?
Federico
Fri Feb 28 2025
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5
answers
1323
Binance, the world's largest cryptocurrency exchange, has suspended USD deposits and withdrawals via bank transfer, citing reduced exposure to the crypto market by an increasing number of banking institutions. This suspension applies to non-US customers using USD bank transfers and is not limited to other payment methods or currencies. Additionally, Binance US, a separate entity, remains unaffected due to its regulatory status under the Financial Crimes Enforcement Network.
5 answers
DigitalLordGuard
Sun Mar 02 2025
On October 17th, 2023, CNBC Television released a video on YouTube titled "Binance’s U.S. affiliate cuts off USD withdrawals." This video discussed a significant change implemented by Binance, one of the largest cryptocurrency exchanges globally.
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Arianna
Sun Mar 02 2025
According to the video, starting in June, U.S. customers of Binance's affiliate were required to convert their US dollars into stablecoins or other digital assets before they could use them on the platform. This new policy marked a shift from previous practices, where USD was directly accepted for crypto purchases.
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CryptoTamer
Sat Mar 01 2025
The video explained that this change was due to regulatory pressures and compliance concerns. Binance's U.S. affiliate had to adapt to the evolving regulatory landscape in the United States, which has become increasingly stringent towards cryptocurrency exchanges.
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CryptoEagle
Sat Mar 01 2025
BTCC, another top cryptocurrency exchange, offers a range of services that cater to the diverse needs of crypto traders. These services include spot trading, futures trading, and wallet services. With BTCC, users can buy, sell, and store a variety of cryptocurrencies securely and efficiently.
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Nicola
Sat Mar 01 2025
The impact of Binance's policy change was significant for U.S. customers. They were no longer able to use USD to buy crypto directly on the platform, which required them to go through an extra step of converting their dollars into digital assets. This change undoubtedly added complexity and potentially increased costs for these users.
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