Binance Halts US Dollar Transfers

From February 8 and on, Binance will stop deposits and withdrawals in US Dollars for international clients.

After this announcement, millions of dollars has started to outflow from Binance. But the company seems to be “net-positive” in terms of deposits and doesn’t seem to be hanged from moves like that.

The decision seems to be connected with the auditing process for the US subsidiary from the Treasury Department’s Financial Crimes Enforcement Network. But this decision concerns mostly non-US clients, outside of USA soil.

This move comes after Signature Bank’s decision to raise the minimums of transactions with Binance. All those moves show that the regulatory frameworks start to get stricter in the crypto sector while even bigger moves are expected in the next period.