• Binance, the world’s largest crypto exchange by market cap, is reportedly halting USD bank transfers for a few weeks.
• The halt follows after its banking partner put a limit on the USD transfer amount and UK bank Nationwide restricted card payments to Binance.
• Binance unveiled a new tool for tax purposes – Binance Tax which is free and currently available for users in Canada and France.
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 from 22:00 UTC, according to an email from Binance. All balances and other platform functions remain unaffected during this time.
Limitations Placed By Banking Partner
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. Furthermore, UK bank Nationwide has restricted card payments to Binance due to increasing scams related to crypto and regulatory uncertainty. However, Nationwide still allows withdrawal of funds on Binance via their Nationwide account and cannot remove restrictions without direct consent in person or by telephone.
New Tool For Tax Purposes
In light of these matters, Binance unveiled a new tool for tax purposes – Binance Tax which is free and currently available for users in Canada and France supporting 100,000 transactions. This helps users stay up-to-date with their crypto-related tax liabilities with minimal effort and time consumption.
Issues With Service Providers
Binance’s issues with service providers don’t end here as the company has recently faced disruptions in other services too including banking services in certain countries like India where banks have suspended activities relating to cryptocurrencies since April 2020 due to RBI’s ban on them since 2018 while allowing trading of only registered cryptos like Bitcoin (BTC).
Conclusion
Despite all these issues faced by one of the leading cryptocurrency exchanges globally over recent times due to various bans imposed by governments across different countries along with service providers putting limits on their activities; these problems should be resolved soon allowing investors full access again once they get proper approvals from authorities soon enough so that they can continue trading without any disruption or hindrance while filing taxes accurately using tools such as ‘Binancetax’ provided by them itself thereby providing convenience through innovation in this industry making it more reliable than ever before!