international crypto exchange Beginning on Wednesday, Binance will stop accepting deposits and withdrawals made in US dollars through bank accounts as more and more financial institutions attempt to lessen their exposure to the cryptocurrency market.
Binance stated, “We are working hard to reinstate service as quickly as possible.
Binance stops accepting deposits and withdrawals in USD
trade of cryptocurrencies globally According to reports, Binance will stop allowing bank account withdrawals and deposits of U.S. dollars on Wednesday.
Customers that are affected are being informed right away… The spokesman added that other methods of purchasing and selling cryptocurrencies on Binance, such as using credit cards, Google Pay, and Apple Pay, “remain unaffected,” adding that “0.01% of our monthly active customers leverage USD bank transfers.”
We’re still massively net-positive on net deposits, the spokeswoman insisted. As some consumers take profits after a bullish market swing like the one we saw last week, outflows always increase as prices begin to level off.
Banks Reducing Crypto Market Exposure
Following the demise of cryptocurrency exchange FTX, an increasing number of institutions have been decreasing their exposure to the cryptocurrency sector.
The bank previously announced its intention to cut up to $10 billion in cryptocurrency clients’ accounts.
A recent joint statement by the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) cautioned financial companies about the risks associated with cryptocurrencies.
In a joint statement, the agencies state that they have serious concerns about the safety and soundness of business models that have concentrated exposures to the crypto-asset industry or activities.