Binance Set To Stop Dollar Transactions On Its Exchange

The largest cryptocurrency exchange in the world, Binance, said that starting on Wednesday, February 8, it will temporarily halt accepting dollar transactions on its site.

A statement by the company, noted that the development would only affect a small portion of its users. In the meantime, Binance said efforts are underway to rectify the challenge that has necessitated the disruption.

“Only a small part of our users will be impacted by this and we are working diligently to reinstate the service as quickly as possible. All other cryptocurrency purchasing and selling procedures are unaffected,” said part of the statement by the company.

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Furthermore, a spokesperson for the company noted that “in the interim, all other ways to buy and sell cryptocurrency remain unaffected, including bank transfers using one of the other fiat currencies supported by Binance (including euros), buying and selling cryptocurrency via credit card, debit card, Google Pay, and Apple Pay, as well as via our Binance P2P marketplace.”

Although only 0.01% of active users trade in US dollars, Binance’s CEO Changpeng Zhao said on Twitter that “we appreciate that this is still a horrible user experience and the team is working on fast correcting this issue.”

In the meantime, the restriction has had no impact on Binance US which is operated separately. Also, dollar deposits and withdrawals continue to work.