Binance suspends withdrawl

[talkoncrypto Official]

Binance Will Temporarily Suspend US Dollar Bank Transfers starting from Wednesday

Source:
https://decrypt.co/120678/binance-suspends-us-dollar-bank-transfers

Though its no something major in terms of revenue and userbase of Binance USA clients as said by them ,

Is this something indicative according to you...

Does it has to do with SEC being investigating all the Binance activities in regards to involved in some kind of illicit activities..

Share your opinion..

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[adaseb]

Yeah I was trading during the NY session when all of a sudden we got a big dump. However after a few minutes it’s stabilized and traded sideways for most of the session. So I am guessing since we didn’t have a -20% day then it’s not that important.

It affects 0.5% of people. So it’s not major but you do wonder why it’s happening. Could be a bad sign if other exchanges start to do this also. FTX really messed up our industry with all their shenanigans.

[Oshosondy]

This is the suspected reason:

While Binance did not confirm the reason for the pause in USD bank transfers, the suspension is likely due to issues with its bank partner Signature Bank, which said last month that it would stop processing crypto SWIFT transactions under $100,000.

It affects 0.5% of people. So it’s not major but you do wonder why it’s happening. Could be a bad sign if other exchanges start to do this also. FTX really messed up our industry with all their shenanigans.

It even affected very lesser number of people, it affected 0.01% of Binance monthly users according to the link that OP posted:

The crypto exchange says only 0.01% of its traders make use of USD bank transfers

[EarnOnVictor]

Binance Will Temporarily Suspend US Dollar Bank Transfers starting from Wednesday

Though its no something major in terms of revenue and userbase of Binance USA clients as said by them ,

Is this something indicative according to you...

Does it has to do with SEC being investigating all the Binance activities in regards to involved in some kind of illicit activities..

Share your opinion..

I simply believe this has nothing to do with any prob with Binance by any US agents if one exists. And as for SEC, they are saddled with the responsibility of protecting investors, but the stoppage of US bank wire transfers does not stop other wire transfers in alternative currencies. And the USD wire amount to only 0.01% binance flows, so it's nothing, especially when there are other USD transactions through other channels. It's just the USD wire transfer that would be affected in this light, all would have been affected if any probe applies in that regard.

Still, there are some other Federal prosecutors after some American hedge fund's dealings with Binance. This might have some undertone but still not a strong reason to temporarily stop only wire transfers in USD.

[Fiatless]

Binance Will Temporarily Suspend US Dollar Bank Transfers starting from Wednesday

Source:
https://decrypt.co/120678/binance-suspends-us-dollar-bank-transfers

Though its no something major in terms of revenue and userbase of Binance USA clients as said by them ,

Is this something indicative according to you...

Does it has to do with SEC being investigating all the Binance activities in regards to involved in some kind of illicit activities..

Share your opinion..

The only issue I have with this news is that Binance didn't give any reason for this suspension. They would have told their customers the reason but everyone is suspecting an SEC investigation. There are also speculations that it was because of the company's faceoff with a leading banking partner. But the number of customers affected according to the exchange firm is insignificant, maybe 0.01%. Most Binance operations are still available and this news only affects customers in the US.  I don't think it is a major threat.

[Despairo]

Now it's a turn for Sam Friend Bankman to attack CZ and Binance lol, to make everyone panic and withdraw all of their coins in the same day, I wouldn't surprised if the withdrawal would be delayed or might be suspended like this one.

But the number of customers affected according to the exchange firm is insignificant, maybe 0.01%. Most Binance operations are still available and this news only affects customers in the US.  I don't think it is a major threat.

It's not a major threat when you haven't experienced that and there's no news tell Binance will suspend all of their customer accounts. Everyone who leave their funds in Binance only waiting the time Binance will get hacked, it depends on their choice. If they realized before the hack happen, their coins will safe, or vice versa.

[Smartprofit]

One of the biggest concerns for crypto companies is related to possible interaction with the US financial system. 

The US reacts very nervously to any (even potential) financial damage to its citizens.  Since the Binance cryptocurrency exchange operates in a gray (shadow) zone, it is better for it to avoid any intersection with American financial flows. 

Therefore, the restriction on the withdrawal of funds denominated in US currency seems to be a logical and natural step.

[livingfree]

If the affected users ain't that much then there's nothing to worry about as it seems that there are only specific geographical users that have been affected.

I looked upon CZ's twitter account and he has stated the problem that the platform has experienced.

Hmm, I guess I'll give it to him then.

[onecall123]

The number of monthly active users who use USD bank transfers is just 0.01%. Even though it isn't a major issue globally, and the number of users affected isn't that large, it still has a negative effect on the user experience.

It has not yet been explained why Binance made this decision. Does this action prove crypto's independence from US banks?

[crwth]

As long as the other modes of withdrawal are okay, I think it’s pretty easy to let it pass because like what the statistics say, only a few are affected by it.

For me, the important part is that I can withdraw my crypto to my wallet and not necessarily on my bank account directly which uses fiat.

[Aanuoluwatofunmi]

Things like this are common with centralized exchanges, this isn't the first time Binance will be having issues with making payments through, but on those common occasions had been on their own system upgrades which does not last more than minutes or few hours, considering this, i think they will still be affected since we are dealing with a centralized exchange that needs to take the role of an escrow to ensure the smoothy itch free transactions.

[Husires]

This is the suspected reason:

While Binance did not confirm the reason for the pause in USD bank transfers, the suspension is likely due to issues with its bank partner Signature Bank, which said last month that it would stop processing crypto SWIFT transactions under $100,000.

It seems that this is the reason and the biggest evidence that they will try to restore things to normal as soon as possible (they will look for an alternative)

but that we are working hard to restart service as soon as possible,

you can see full list of unavailable SWIFT https://www.binance.com/en/support/faq/swift-bank-transfer-channel-suspended-for-selected-countries-updated-as-of-2023-01-23-b230db1283e54c529b206d0a48e6e358

So the news does not hold anything new, and it is not an indication of anything fishy.

[Emitdama]

Clickbait title? I mean there wasn't really a reason for a clickbait title at all, you could have just said the real thing here. Binace works with people all around the world and not just USA, plus they work with dozens of coins and tokens, probably over a hundred of them too.

So, when you say "binance suspends withdrawal", that sounds like they suspended for everyone and for everything, when in fact you can say "technically" you are right that they just suspended US dollar withdrawals for Americans, which makes the title "sort of" true but also misleading nevertheless. Try to pick better titles next time to make sure you do not fear people for no good reason at all.

[cabron]

This is the suspected reason:

While Binance did not confirm the reason for the pause in USD bank transfers, the suspension is likely due to issues with its bank partner Signature Bank, which said last month that it would stop processing crypto SWIFT transactions under $100,000.

It seems that this is the reason and the biggest evidence that they will try to restore things to normal as soon as possible (they will look for an alternative)

but that we are working hard to restart service as soon as possible,

you can see full list of unavailable SWIFT https://www.binance.com/en/support/faq/swift-bank-transfer-channel-suspended-for-selected-countries-updated-as-of-2023-01-23-b230db1283e54c529b206d0a48e6e358

So the news does not hold anything new, and it is not an indication of anything fishy.

They listed almost all countries in the world that SWIFT pull its support from. But they are saying it will be back in 8-12 days depending on the country. Things will be interesting in the coming days as to what sort of update they will announce.

When it comes to SWIFT, it's always going to involve geopolitics conflict, therefore there will be changes soon. Binance will probably consider adding other finance messing besides SWIFT.

[Synchronice]

Once I was playing on Withdraw fiat section with different currencies to check what were withdraw options for different currencies and locations. Sometimes, USD withdrawals were suspended for a while, sometimes Euro SEPA transfer had problem, sometimes bank card transfer had problem on GBP, sometimes Russian Ruble bank card channel was suspended and so on. There are problems at different times on certain currency withdraw on Binance. It's not a new thing.
So, I believe that everything is alright and there is no need to worry.
Btw right now this is what I see on USD:

Bank Transfer(SWIFT)
15USD Fee, 1-4 Business Days

[virasog]

Binance Will Temporarily Suspend US Dollar Bank Transfers starting from Wednesday

Source:
https://decrypt.co/120678/binance-suspends-us-dollar-bank-transfers

Though its no something major in terms of revenue and userbase of Binance USA clients as said by them ,

Is this something indicative according to you...

Does it has to do with SEC being investigating all the Binance activities in regards to involved in some kind of illicit activities..

Share your opinion..

This step is taken more in terms of defending them against any legal action and it won't have any impact on the general users of binance.
At first, when i saw this tweet on the social media, i was a bit worried but later found out that they have only suspended the deposit and withdrawal of dollar through banking channel.
It won't have any effect on P2P and you can still buy/sell USDT through P2P.

[stompix]

you can see full list of unavailable SWIFT https://www.binance.com/en/support/faq/swift-bank-transfer-channel-suspended-for-selected-countries-updated-as-of-2023-01-23-b230db1283e54c529b206d0a48e6e358

So the news does not hold anything new, and it is not an indication of anything fishy.

As of 2023-01-23, SWIFT has updated the list of unsupported countries (either nationality or resident country):
<145 countries>
For the countries not listed above, the USD (SWIFT) channel will remain available.

 
So that leaves the US, UK, a bit of EU (not all) and Canada.
Funny how Argentina isn't on the list but the Netherlands is.

First, there is SWIFT, then Paxos, what's next?
Or rather than waiting for it just convert everything to BTC and have it stored way SAFU than on a Cex.

[Edwardard]

First, there is SWIFT, then Paxos, what's next?

Both are very different cases. Paxos case is related to busd but its not that BUSD usage is banned. Ppl still using it for getting discount on their trades.

Or rather than waiting for it just convert everything to BTC and have it stored way SAFU than on a Cex.

There are ppl who cant handle the volatility of BTC, so they have to keep their part of money in stables. Btw, the word SAFU which you are talking about was invented by the same CEX's ceo (cz_binance) himself . Although I agree cexes are not safe but binance should give us time to withdraw before any major ban occurs in the future. It is one of the safest and most regulated cex out there.

[stompix]

~.

Btw, the word SAFU which you are talking about was invented by the same CEX's ceo (cz_binance) himself . Although I agree cexes are not safe but binance should give us time to withdraw before any major ban occurs in the future. It is one of the safest and most regulated cex out there.

I know that he invented this term and that's why I used it sarcastically, funds are SAFU till, they are not SAFU anymore.
As for most regulated exchanges, just lol, out of pure curiosity, since it's such a regulated entity, where is Binance headquartered?
FTX was in the same position as Binance, a heavily regulated US branch, a god knows what entity behind the international main branch, dealing with sponsorship on major events, attending senate hearings, and look how SBAFU the funds were! How many times does this need to happen till everyone understands that if shit hits the fan there won't be time to do anything.