Binance to temporarily suspend US dollar bank transfers from 8 February, see details
1 min read . Updated: 07 Feb 2023, 01:37 AM IST
Premium- Earlier in the day, the crypto exchange trading platform introduced a tool to help users calculate the tax obligations on their crypto transactions since governments are looking into to ensure they don't miss out on revenue from the industry.
Crypto exchange trading platform Binance said that it will temporarily suspend US dollar bank transfers starting on Wednesday, CoinDesk confirmed the report on 6 February.
"We are temporarily suspending USD bank transfers as of February 8th," CoinDesk quoted a Binance spokesperson as saying, noting just 0.01% of monthly active users use $ bank transfers.
"Affected customers are being notified directly," the spokesperson added.
"In the interim, all other methods of buying and selling crypto remain unaffected, including bank transfer using one of the other fiat currencies supported by Binance (including euros), buying and selling crypto via credit card, debit card, Google Pay and Apple Pay and via our Binance P2P marketplace," the spokesperson added.
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Earlier in the day, Binance introduced a tool to help users calculate the tax obligations on their crypto transactions since governments are looking into to ensure they don't miss out on revenue from the industry.
As per details, the free tool can enable and support reporting of up to 100,000 transactions. It would be initially available to users in Canada and France, and would be extended to other regions.
"In one click, you can now import your Binance transactions into our calculator and obtain a simple yet comprehensive estimate of your tax obligations depending on your jurisdiction," Binance said on Monday.
In 2022, Italy brought in a 26% tax on crypto trading gains in excess of 2,000 euros ($2,160), while India added a potential fine or jail time for non-compliance to the provision around tax deducted at source (TDS), apart from maintaining its restrictive crypto tax rules from 2022 in 2023.
India had already instituted stiff taxes on crypto transactions, i.e. 30% tax on profits and a 1% TDS on all transactions.
