Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has suspended bank transfers. The move comes amid increased scrutiny from regulators around the world.
The exchange announced the suspension on its blog, saying that it had “received notice from our banks” that they were “unable to process Binance-bound wire transfers” due to “regulatory compliance issues.”
Binance said it is working with other banks to resume wire transfers, and that it is “actively exploring” other options to provide its users with “sufficient deposit and withdrawal options.”
The suspension of bank transfers is the latest in a series of regulatory hurdles for Binance. The exchange has been banned in China and Japan, and has been accused of flouting anti-money laundering rules by the U.
NOTE: WARNING: Binance Bank Transfer is currently suspended. It is important to note that the suspension of this service is not permanent and the service may be reinstated in the future. However, it is important to take caution when engaging in any type of bank transfer activity while this service is suspended, as it could result in financial losses or other risks.
S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
Binance has denied any wrongdoing, and says it is compliant with all applicable lAWS and regulations.
Despite the regulatory challenges, Binance remains one of the most popular cryptocurrency exchanges in the world. The exchange reported $200 million in profit in the first quarter of 2018, and has plans to launch a decentralized exchange later this year.
The suspension of bank transfers is likely to be a temporary setback for Binance, but it highlights the challenges faced by cryptocurrency exchanges as they strive to operate within the bounds of increasingly stringent regulation.
8 Related Question Answers Found
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has suspended withdrawals indefinitely. The move comes after a “large scale security breach” that resulted in the loss of 7,000 BTC (about $40 million at current prices). Binance says it will use its “Secure Asset Fund for Users” (SAFU) to cover the lost funds.
Binance, the world’s largest cryptocurrency exchange by trading volume, has suspended withdrawals of Bitcoin and Ethereum due to “irregularities” with its hot wallet. The announcement was made via the exchange’s official Twitter account on Wednesday, February 7.
“Binance has discovered irregularities with its hot wallet cluster and has taken action to suspend withdrawals while we investigate,” the tweet reads. “We are working to determine the root cause and will fully resume withdrawals once the issue is resolved.”
The news comes just days after Binance paused trading on its platform for two hours due to “server maintenance.” The exchange later said that the maintenance was “unrelated” to the issues with its hot wallet. At the time of writing, Binance has not provided any further details about the irregularity or when withdrawals will be resumed.
Binance, the world’s largest cryptocurrency exchange by trading volume, has suspended withdrawals amid “irregular” Bitcoin (BTC) transactions. The Malta-based company announced the move in a blog post on Feb. 8, saying it had “identified irregular trades” and was investigating the matter.
“To protect user funds, we have temporarily suspended withdrawals,” the company said. Binance did not elaborate on what it considered to be “irregular” trades, but said it would provide updates “as soon as possible.”
The move comes just days after Binance suffered a major hack that saw 7,000 BTC (worth around $40 million at the time) stolen from the exchange.
Binance, the world’s largest cryptocurrency exchange by trading volume, has suspended withdrawals of cryptocurrencies. The move comes after the exchange experienced a “large scale security breach” in which hackers stole 7,000 bitcoin (worth $40 million at the time). In a statement, Binance said it had discovered the hack on Tuesday and that the hackers had used a variety of techniques, including phishing, viruses and other attacks.
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has suspended withdrawals of the virtual currency. The move comes after a hack that saw $40 million in Bitcoin stolen from the exchange. In a statement released on Tuesday, the company said it had “detected unusual activity on [its] network” on Monday and had “immediately initiated a thorough security review.” As part of that review, Binance has suspended all withdrawals “until further notice.”
The hack is a major setback for Binance, which has grown rapidly in recent months to become one of the most popular cryptocurrency exchanges.
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is getting banned in China. The reason for the ban is still unknown, but it comes as the country’s central bank is cracking down on the cryptocurrency industry. The news of the ban was first reported by Bloomberg, who cited sources close to the matter.
If you are a Binance user, you may have noticed that your account has been banned. This is because Binance has recently implemented a new policy that bans accounts that are inactive for more than two years. While this may seem like a harsh policy, it is actually in line with other exchanges who have similar policies.
Binance Coin (BNB) is currently down 5.41% against the US Dollar (USD) and trading at $15.14. The 24-hour trading volume is $316.
39 million. The total market capitalization is $2.21 billion.