Photo credit: Binance
Binance said it’s temporarily halting all US dollar bank transfers from February 8. The crypto exchange major kept mum on the reason behind its decision.
The Changpeng Zhao-led firm said in a tweet earlier today that only a “small portion” of its user base will be affected by the freeze and that it is “working hard to restart the service as soon as possible.”
The company also said that the suspension will only affect users of Binance.com, which is a separate entity from Binance US.
CNBC reported that millions of stablecoins went to rival exchanges after the announcement.
While Binance has yet to provide an update on the move, many users have speculated that the halt was meant to prepare for the listing of Core, the governing token for Core DAO.
Core DAO is a blockchain ecosystem – like Solana, Avalanche, and Polkadot – that’s expected to generate massive gains for early investors.
See also: Coins.ph CEO relaunches Philippine crypto exchange, unveils DeFi wallet ambitions
Editing by Thu Huong Le and Arpit Nayak
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