Binance Suspends USD Bank Transfer: New Tax Tool Available

• Binance, the world’s largest crypto exchange by market cap, is reportedly halting USD bank transfers for a few weeks.
• The halt will start on February 8th, 2023 and all other platform functions are unaffected.
• Binance has also unveiled a new tool called “Binance Tax” to help users with their tax liabilities.

Binance Halting USD Bank Transfers

Binance, the world’s largest crypto exchange by market cap, is reportedly halting USD bank transfers. The halt will last for a few weeks till the crypto exchange partners with a new banking agency, as per a Twitter post by DB Newswire. Additionally, the USD services will halt on February 8th, 2023 from 22:00 UTC. All balances and other platform functions are unimpacted.

Reason for Halt

The update comes days after the crypto exchange revealed that its SWIFT banking partner had set a limit to USD transfers. The unnamed banking partner banned transfers below $100k via its SWIFT payment system, affecting users with USD accounts. This service disruption went into effect on February 1st, 2023. Furthermore, UK bank- Nationwide has restricted card payments to Binance due to increasing scams related to crypto and regulatory uncertainty. Nonetheless, this disruption does not impact other services or corporate accounts; Nationwide allows users to withdraw funds on Binance via their Nationwide account.

Binance Tax Tool

Subsequently, the crypto exchange unveiled a new tool for tax purposes – Binance Tax – which is currently available in Canada and France and it supports 100,000 transactions. The free tool helps users stay up-to-date with their crypto-related tax liabilities and simplifies filing taxes in general by automating many processes such as generating tax reports in one click and calculating gains/losses for trades automatically..

Resolution of Issue

Binance is working towards resolving this administrative issue as soon as possible by partnering up with another banking agency that can provide better services without any restrictions or limitations imposed on transactions amounting below $100k via its SWIFT payment system..

Conclusion

This suspension of USD bank transfer services may be inconvenient but it’s necessary in order for cryptocurrency exchanges like Binance to comply with relevant regulations while providing safe trading platforms to customers worldwide without any hiccups or disruptions caused due to external factors