Amid the current uncertainty surrounding the global banking crisis, Binance's US arm, Binance.US, is halting some services.
According to the status panel of Binance.US, the US cryptocurrency exchange on March 31 disabled USD Binance (BUSD) stablecoin pairs through the One Common Billing System, called OCBS.
Affected services include BUSD crypto deposits and withdrawals, or buying, selling and converting crypto options, the status notice says.
Binance.US said that the company is currently investigating the issue, noting that the services are "temporarily suspended."
The OCBS and BUSD issues on Binance.US came shortly after the company halted certain US dollar deposit services on March 30. According to the dashboard, Binance.US temporarily suspended Apple Pay and Google Pay deposits as the company "transitions to new banking and payment service providers in the coming weeks."
For up to 5% of Binance.US clients, the platform has also halted debit card deposits effective March 30, 2023. โWe are working to restore all services as soon as possible,โ Binance.US stated.
Related: Kraken will suspend Plaid withdrawals and deposits via ACH Silvergate
The news comes amid Binance.US global subsidiary Binance, which is facing legal action from the US Commodity Futures Trading Commission (CFTC). On March 27, the CFTC filed a lawsuit against Binance and CEO Changpeng "CZ" Zhao for alleged trade violations, arguing that the exchange failed to meet compliance obligations by failing to register with the regulator.
Launched in September 2019 and based in California, Binance.US operates as a separate entity from Binance, which is not available to US users due to local regulations.
Catherine Coley, the first CEO of Binance.US, reportedly enlisted a former federal prosecutor and top CFTC police officer to represent her in the US government's investigations into Binance.US. After leaving Binance.US in June 2021, Coley has remained silent about her whereabouts in the media and has not posted anything on her Twitter.
Magazine: Unstable currencies: decouplings, bank runs and other risks loom
Post navigation
