Binance has announced that it will be temporarily halting U.S. dollar bank transfers starting on Wednesday, Feb. 8.

Binance, the leading cryptocurrency exchange, has announced that it will temporarily halt U.S. dollar bank transfers starting on Feb. 8th. The decision was made after a review of its services, which revealed that only a small fraction of its monthly active users rely on U.S. dollar bank transfers.

No more U.S. dollar transfers at Binance

According to a Binance spokesperson, the affected customers have already been notified and the company is working to resolve the issue as soon as possible.

Meanwhile, other methods of buying and selling cryptocurrencies remain unaffected, including bank transfers using euros and other fiat currencies supported by Binance.

Customers can still buy and sell cryptocurrencies through alternative methods, including credit and debit card transactions, as well as via Google Pay, Apple Pay, and Binance’s peer-to-peer (P2P) marketplace.

These options offer alternative ways for users to trade cryptocurrencies without bank transfers.

The temporary suspension of U.S. dollar bank transfers is a measure taken by Binance that it hopes will enhance the security and reliability of its services. The company says it remains committed to providing a seamless and user-friendly experience for its customers.