Binance, the world's biggest crypto exchange platform, plans to suspend all USD transfers later this week, the firm announced in a tweet. Binance maintains that while other exchange means remain unaffected, it's trying its best to resolve the affected service.
Before now, affected users could send USD to Binance's bank account via SWIFT and get a BUSD equivalent of their deposit. That's going to change starting this week's Wednesday.
Although Binance had only recently restricted the USD amount that a customer could transfer—according to its Cointelegraph feed, the exchange maintains that a complete suspension of transacting crypto via USD withdrawals and deposits will take effect this Wednesday, February 8, 2023.
This latest development follows the firm's announcement via the same Cointelegraph feed that it lost its partnership with its SWIFT transfer partner. Binance was quoted as saying, "This is the case for all of their crypto exchange clients. Please be advised that until we can find an alternative solution, you may not be able to use your bank account to buy or sell crypto with USD via SWIFT with a value of less than USD 100,000 after February 1st, 2023."
Explore Other Means of Buying and Selling Crypto
Binance says in its tweet that the recent USD transfer setback on its platform only affects a small proportion of its customers. While plans are underway to resolve the issue, you might want to explore other means of buying crypto via the exchange. Even if you try other exchange platforms, it may not work, as it looks like a change in regulation has affected Binance's SWIFT partner, which also serves many other crypto exchanges.
You might want to leverage Binance's P2P network to buy and sell your crypto holdings. While Binance advises you to follow strict security rules on the P2P market, the process is secure if you don't break the rules.