Binance said on Monday that it will suspend deposits and withdrawals with the U.S. dollar using a bank account without providing further explanation for the move, while noting that affected customers are being notified directly.
The firm only told CNBC that only 0.01% of its monthly active users leverage USD bank transfers and it is working hard to restart service as soon as possible.
According to a tweet from Binance US, a unit of the company that is regulated by the Treasury Department’s Financial Crimes Enforcement Network, the transfer in U.S. dollars was not affected. This implied that the measure only applied to non-U.S. customers who transfer money to or from bank accounts in dollars.
Data from Arkham Intelligence showed that there was a significant surge of outflows from Binance’s crypto wallets after the announcement.
Other methods of buying and selling crypto on Binance, such as credit card, Google Pay and Apple Pay, remain unaffected by the suspension.