- Nonetheless, Binance has an operational Visa card that is available in a dozen of countries and takes roughly 45 days to be shipped depending on the destination.
- Binance crypto exchange takes pride in being the largest by daily traded volume and also the most regulated firm worldwide.
The none United State Binance entity will temporarily halt all USD bank transfers tomorrow. However, the Binance cryptocurrency exchange has indicated that only a small proportion of its users will be impacted by the suspension of USD transfers. Without a timeline for reopening the service, the non-U.S entity will operate with specific local currencies where the exchange is regulated.
The move is a clear indication that global regulators are tenaciously looking for ways to control the crypto market after the FTX and Alameda implosion, which affected hundreds of worldwide institutional investors and millions of individuals.
From February 8th, we will temporarily suspend all USD bank transfers.
Only a small proportion of our users will be impacted by this and we are working hard to restart the service as soon as possible.
All other methods of buying and selling crypto remain unaffected.
— Binance (@binance) February 6, 2023
Nonetheless, the company has an operational Visa card that is available in a dozen of countries and takes roughly 45 days to be shipped depending on the destination.
Binance Spearheads Bitcoin and Crypto to Worldwide Governments
Binance crypto exchange takes pride in being the largest by daily traded volume and also the most regulated firm worldwide. Whenever Binance does something motivated by global geo-political differences, other crypto exchanges are likely to follow up in the near future. The control measures put in place by the United States Fed in a bid to ease inflation are expected to be felt in the entire crypto market.
Nonetheless, the United States only controls about 25 percent of worldwide economic activities. As such, Binance exchange has advised its EU, and Asian users to remain calm as business goes on as usual.
Hi there! Thanks for contacting us.
EUR withdrawals are normalized and available at this moment. You can check below what type of payment services we have available at: https://t.co/SijnXX5WZS
If you have any questions, join us at
https://t.co/ZuvEvwL2at. RA— Binance Customer Support (@BinanceHelpDesk) February 6, 2023
Notably, Binance recently received regulatory approval in Sweden, the eighth country in the European Union. Additionally, Binance recently joined the Association of Certified Sanctions Specialists (ACSS), which works to improve the qualification of sanctions compliance professionals employed by global companies. Binance said in an announcement.
We will be leveraging the training materials, comprehensive databases, and deep networks within ACSS to further enhance the skills and expertise of our team,
The cryptocurrency market has seen an increased call for regulations due to rampant network attacks caused by flawed designs and also rug pulls. Moreover, last year saw over $100 billion lost from unresolved failures like Terra Luna UST, and FTX, among others.
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Side Notes
The total crypto market gained approximately 1.5 percent to stand at about $1.12 trillion on Tuesday. With Bitcoin price hovering around $23k, crypto traders are eagerly waiting for a breakout to either side for confirmation of the next trend. Mind you, Bitcoin price has not been able to push beyond $24k during the 2023 relief rally.
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