"This move by Binance may be better, but how do you think the response from users will be?"
Cryptocurrency exchange giant Binance has temporarily suspended United States (US) dollar deposit and withdrawal activities through bank accounts globally.
This is because there are only 0.01% of Binance's monthly active users who use USD bank transfers, but the team will do their best to restore the service.
Although the US dollar will be affected, the euro fiat currency including alternative payment methods for buying and trading crypto in Binance such as credit cards, Google Pay and Apple Pay will not be affected at all.
While Binance US, a company overseen by the Financial Crimes Enforcement Network (FinCEN) of the Treasury Department will also not accept tempias but only non-US customers transferring money in US dollars from a bank account.
Outflows from the company reportedly saw an increase as most investors looked to take their own profits after both the crypto market and stocks soared higher last week.
Last month, Binance signed an agreement with Singnature bank to handle more than $100,000 worth of user transactions while aiming to withdraw around $10 billion in crypto from their customers.
Meanwhile, Binance Coin (BNB), which was established by Binance to pay trading fees, was not affected despite the news of the shutdown and withdrawal of the US dollar, where its price is currently trading at $326.
