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Binance Halting US Dollar Deposits and Withdrawals via Bank Accounts – Exchanges Bitcoin News

Binance Halting US Dollar Deposits and Withdrawals Using Bank Accounts

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Binance, one of the world’s leading cryptocurrency exchanges, has announced it will be halting US dollar deposits and withdrawals via bank accounts. The decision comes as the exchange seeks to comply with increasing regulatory pressures from the United States government.

The news was announced in a blog post published on the Binance website on October 19th. According to the post, Binance will be halting US dollar deposits and withdrawals via bank accounts starting November 14th. The exchange will still allow US customers to deposit and withdraw cryptocurrencies, however, and will continue to offer services to non-US customers.

The decision to halt US dollar deposits and withdrawals via bank accounts comes as the US government continues to increase its scrutiny of cryptocurrency exchanges. In August, the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a statement clarifying its position on cryptocurrency exchanges and their need to comply with anti-money laundering and counter-terrorism financing regulations.

Binance’s decision to halt US dollar deposits and withdrawals via bank accounts is part of its effort to comply with these regulations. The exchange has also stated that it is working with regulators to ensure compliance and will continue to provide updates as the situation develops.

The news of Binance halting US dollar deposits and withdrawals via bank accounts has been met with mixed reactions from the cryptocurrency community. Some have praised Binance for its compliance with US regulations, while others have expressed concern over the potential implications of the decision for US customers.

Regardless, the news of Binance halting US dollar deposits and withdrawals via bank accounts is yet another reminder of the increasing regulatory scrutiny of the cryptocurrency industry. As the industry continues to grow, exchanges will need to remain vigilant in their efforts to comply with applicable laws and regulations.

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