Binance has informed its retail client base of a potential deposit service outage that could stop incoming and outgoing bank payment transfers.
The service interruption will affect users of US dollar bank accounts who wish to buy or sell cryptocurrencies for less than USD 100,000 through the SWIFT payment system. The discontinuation will take effect on February 1.
Binance announced the news to its users via email on Saturday, January 21, highlighting that they are now “actively seeking” a new SWIFT (USD) partner to avoid service interruptions on future bank transfers.
The cryptocurrency exchange added that this was a decision of the banking partner and that Binance would not be the only platform affected by such a change:
“This is the case for all of their clients who operate a cryptocurrency exchange. Please note that until we are able to find an alternative solution, you may not be able to use your bank account to buy or sell US dollar cryptocurrencies through SWIFT with a value of less than USD 100,000 after February 1, 2023.”
However, Binance has stressed that customers will still be able to use their credit or debit cards to buy or sell cryptocurrencies, and that Payments to or from third-party exchanges will continue to be processed.
The platform added that SWIFT-based transfers would still be available for non-US dollar bank transfers, such as euro transfers.
Binance confirmed that the change would not affect its “Corporate Accounts”.
Although the discontinuation of the payment service was not Binance’s decision, the platform has suspended transfers of late.
Binance recently imposed a temporary suspension on Solana-based USDT and USDC deposits on Nov. 17.
The exchange too temporarily suspended Ether (ETH) and wrapped-Ether (wETH) deposits and withdrawals for about 10 days before the implementation of the Ethereum Merge update.
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