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Cryptocurrency exchange Binance has confirmed ongoing issues with withdrawals, specifically affecting Visa transactions for euros and stablecoin USDT. After a series of undisclosed charges by the Department of Justice led to guilty pleas from Binance and its CEO, Changpeng Zhao (CZ), the platform was fined $4.4 billion as of Thursday. Six weeks ago. The financial penalties led to the severing of relationships with several of Binance’s financial partners, which in turn caused the withdrawal issues that customers are currently facing.
Binance’s customer support team proactively responded to user concerns today, acknowledging the service disruption and suggesting customers use alternative withdrawal methods. The company is actively working to resolve the situation, but no clear timeline was provided for when normal services will resume.
The huge fines imposed on Binance and CZ represent a significant crackdown on compliance issues in the crypto industry. This development highlights the intense scrutiny that cryptocurrency exchanges are facing from regulators around the world. As Binance navigates these challenges, customers should stay informed about updates and alternative options for their trading needs.
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