• Binance, the world’s largest crypto exchange by market cap, is reportedly halting USD bank transfers for a few weeks.
• This suspension follows after the crypto exchange’s banking partner put a limit on the USD transfer amount.
• Binance has also unveiled a new free tax-tool called ‚Binance Tax‘ available for users in Canada and France.
Binance Halts USD Bank Transfers
Binance, the world’s largest crypto exchange by market cap, is reportedly halting USD bank transfers. The halt will last for a few weeks till the crypto exchange partners with a new banking agency, as per a Twitter post by DB Newswire. Additionally, the USD services will halt on February 8, 2023 from 22:00 UTC, read an email from Binance. The notice further said that all balances and other platform functions are unimpacted.
Reasons Behind Halt
The update comes days after the crypto exchange revealed that its SWIFT banking partner had set a limit to USD transfers. The unnamed banking partner banned transfers below $100k via its SWIFT payment system, affecting users with USD accounts from February 1st onwards. Meanwhile, UK bank- Nationwide announced it has restricted card payments to Binance due to increasing scams related to crypto and regulatory uncertainty. Despite this restriction Nationwide has allowed users to withdraw funds on Binance via their Nationwide account.
New Tax Tool Launched
Subsequently, the crypto exchange unveiled a new tool for tax purposes – Binance Tax which is currently available for users in Canada and France supporting 100,000 transactions per day. This free tool helps users stay up-to-date with their crypto-related tax liabilities in an efficient manner without any hassle or complexity of filing taxes manually .
Resolution Of Issue
Binance is working to resolve this administrative issue as soon as possible through its new banking agency partnership so as to provide uninterrupted service experience to its customers across the globe .
Overall , despite facing some minor issues with its banking partners , Binance is still one of the most reliable cryptocurrency exchanges out there offering various services like trading ,tax filing solutions etc . In addition ,the company is continuously trying hard to fix these issues and providing better customer service experience .