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Cryptocurrency exchange Binance has confirmed ongoing issues with card withdrawals, particularly affecting Visa (NYSE:) transactions for Euros and stablecoin USDT. Following a series of undisclosed charges by the Department of Justice that resulted in guilty pleas from Binance and its CEO, Changpeng Zhao (CZ), the platform has been hit with a fine of 4.4 billion dollars since last Friday. The financial sanctions resulted in the severing of ties with some of Binance’s financial partners, leading to the withdrawal issues customers are currently facing.
Binance’s customer support team actively responded to user concerns today, acknowledging service outages and suggesting customers use alternative withdrawal methods. The company is actively working to resolve the situation, but no specific timeline has been provided for when normal services will resume.
The hefty fine imposed on Binance and CZ demonstrates a significant crackdown on compliance issues in the cryptocurrency industry. This development highlights the increased scrutiny crypto exchanges face from regulators around the world. As Binance navigates through these challenges, customers are advised to stay informed about updates and alternative options for their trading needs.
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