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<ul><li>Binance, the largest cryptocurrency exchange on the planet, said that it would temporarily stop allowing bank account deposits and withdrawals of US dollars.</li><li>Transferring funds to buy and sell digital assets has proven difficult for cryptocurrency companies looking for banking partners.</li></ul><h2 id="header-0">Binance, the world&#39;s largest cryptocurrency exchange, announced that it is temporarily suspending deposits and withdrawals of U.S. dollars via bank accounts.</h2>The exchange is working to restore the service as soon as possible. This move comes as the crypto market continues to experience rapid growth and increased demand for digital assets.According to a representative for Binance, the suspension will begin on Wednesday. The suspension was not explained in detail. According to the spokesman, bank transfers made using other fiat currencies, such as euros, are unaffected.It&#39;s important to note that only 0.01% of monthly active users use USD bank transfers, but the spokesman assured customers that they were making every effort to restore service as quickly as possible. The use of credit cards, <a href="https://www.coingabbar.com/en/crypto-currency-news/binance-introduces-apple-pay-and-google-pay-feature" rel="noopener noreferrer nofollow">Google Pay, and Apple Pay</a> to buy and sell cryptocurrency on Binance &#34;remains unchanged.&#34;The company stated it is unaffected by the change, including Binance US, a distinct organization created for US users.The transmission of money to buy and sell digital assets has proven to be a challenge for cryptocurrency companies in their search for banking partners. Following the demise of FTX, banks have been cautioned by federal regulators about the dangers of doing business with cryptocurrency companies.Changpeng Zhao, CEO of <a href="https://www.coingabbar.com/en/crypto-currency-news/mastercard-and-binance-launch-bitcoin-rewards-card-in-brazil" rel="noopener noreferrer nofollow">Binance</a>, responded to the Binance news on Twitter by saying that while some banks are &#34;withdrawing support for cryptocurrency, other institutions are stepping in.&#34; From the events of the previous year, some setbacks were anticipated.As the lender reduces its exposure to the digital asset markets, Binance said last month that its banking partner Signature Bank would only execute customer transactions if they are for more than $100,000. The New York-based bank announced in December that it would eliminate as much as $10 billion in deposits from customers who use cryptocurrency.A Signature bank representative stated on Monday that the bank is unable to comment on client-related issues.Also, Read - <a href="https://www.coingabbar.com/en/crypto-currency-news/us-economy-risks-affect-crypto-market" rel="noopener noreferrer nofollow">How Could US Economy Risks Affect Crypto Market?</a>

Binance Can Suspend the USD Transfers via Bank Accounts

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