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An Update Regarding U.S. Payment Rails

CEX.IO

Cryptocoins Exchanges / CEX.IO 94 Views

Since our founding in 2013, CEX.IO has sought to build bridges between traditional and decentralized finance. These convenient on-/off- ramps, we believed, would create a more intuitive environment for users at every stage of their crypto journey.

In light of current uncertainty surrounding the U.S. banking system, we’re taking a forward-looking opportunity to restructure the user experience and secure the accessibility of our product ecosystem. As your trusted crypto guide, we aim to insulate the CEX.IO community from disruptive, and potentially negative outcomes.

Therefore, as a proactive measure, and until the banking environment crystallizes with certainty, we’ve decided to pivot our services as described below. We’re streamlining access points, in anticipation of an industry landscape that will continue to evolve.

What’s changed for U.S. users?

We sunset our deposit and withdrawal features for USD on Monday April 3, 2023.

By decoupling from U.S. banking rails, users will no longer be exposed to the potential hazards of having balances held in USD currency. And to prevent USD balances from accruing further, USD deposits, withdrawals, trades, and bank transfers will no longer be available across our product ecosystem.

However, please note that you will still be able to use USD to instantly buy digital assets, via Instant Buy. You will also be able to use our Instant Sell service to sell cryptocurrency for USD, with immediate withdrawal of proceeds to a payment card. This is subject to transaction acceptance by your card issuing bank.

We will continue to offer a full suite of payment methods such as Apple Pay, Google Pay, and of course, credit/debit cards. For immediate crypto purchases, other funding methods such as PayPal are also available.

Digital asset functionality throughout the CEX.IO ecosystem will be unaffected. And all other payment rails will function as usual. 

What happened to USD held in CEX.IO accounts after April 3?

Functionality adjustments were announced on March 31, 2023, and implemented on April 3. From April 3 to April 5, U.S. users could convert remaining USD balances into digital assets via our Convert Service.  

On Wednesday April 5, all USD still held in CEX.IO U.S. user accounts will be converted to USDC on a one-to-one basis.

Going forward, you’ll be able to:

  • Withdraw USDC to an external wallet;
  • Convert USDC to any available digital asset;
  • Use our Instant Sell service for immediate withdrawals of USD proceeds to a payment card, subject to transaction acceptance by your card issuing bank.

What’s changed for non-U.S. users?

While these proactive measures have a greater impact on our U.S.-based users, it may also have implications for members of our global community. Please take this time to consider how the below changes will impact your crypto journey:

  • We sunset bank transfers for USD deposits on Monday April 3, 2023. 
  • At the same time, USD fiat withdrawals via Domestic Wire are no longer available.

Please note that ALL funds will continue to be available and accessible to ALL our users. Your wealth is yours.

We thank you for the opportunity to continue partnering along your individual crypto journey. And may the markets trend in your favor. 

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Disclaimer: Information provided by CEX.IO is not intended to be, nor should it be construed as financial, tax or legal advice. The risk of loss in trading or holding digital assets can be substantial. You should carefully consider whether interacting with, holding, or trading digital assets is suitable for you in light of the risk involved and your financial condition. You should take into consideration your level of experience and seek independent advice if necessary regarding your specific circumstances. CEX.IO is not engaged in the offer, sale, or trading of securities. Please refer to the Terms of Use for more details.

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