The difficulties of the crypto exchange platform seem to worsen a little more since the fall of FTX. Recently, some of the traders operating on Binance had denounced the blocking of their account by Binance. In particular, they criticized the company for its laconic approach to the real reasons for these blockages.
A pithy Binance decision, without notice?
Is the mega crypto exchange Binance having deeper problems than it seems? This seems to indicate a recent press release from the company. The latter announced on Monday February 6 that it had decided to suspend bank transfers in American dollars (USD) from February 8.
Binance did not provide an explanation for this sudden decision that came without notice. The crypto company merely informed the community that its decision would affect a negligible minority of users.
The company also pointed out that this choice does not affect other processes for buying and selling crypto, which continue to be available in its service offering. ” All other methods of buying and selling crypto are unaffected” the company said.
As if to make amends, Binance’s boss admitted in a tweet that “it remains a bad experience for users” and that its teams are hard at work “to restart the service as soon as possible”.
The wind before the storm?
This new development remains worrying to say the least for users and for the entire crypto community. Concerns raised by recent events involving the company and on which its leaders have not communicated so far.
We know that Binance has recently had difficulties with Signature Bank, the financial partner with which it manages SWIFT procedures. On January 21, the banking group announced its decision to only satisfy transactions involving more than $100,000.
This choice, made in a context where the bank was already significantly limiting the deposits of crypto customers, put Binance with its back to the wall. The crypto company then indicated that it was working to find a new SWIFT partner. Obviously, the process has not yet succeeded since Binance published, a few days later, a list of 144 countries where SWIFT banking services in dollars will be inaccessible.
Does this situation hide deeper operational difficulties? With the silence in which Binance is hiding, the question deserves to be asked. It remains to be hoped that the situation is not as serious as in the case of FTX. This would be an earthquake for the crypto market.
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