Amid the uncertainty surrounding the global banking crisis, Binance.US, the US affiliate of Binance, has discontinued some of its services.
According to the Binance.US status dashboard, on March 31, the US exchange deactivated stablecoin pairs Binance USD (BUSD) through the One Common Billing System, known as OCBS.
Affected services include deposits and withdrawals of BUSD cryptocurrency or buying, selling and converting cryptocurrency, 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 firm 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 “is transitioning to new banking and payment service providers over the next few weeks.”
For up to 5% of Binance.US clients, the platform has also stopped debit card deposits as of March 30, 2023. “We are working to restore all services as soon as possible,” Binance.US stated.
The news comes at a time when Binance.US global subsidiary Binance is facing legal action from the United States Commodity Futures Trading Commission (CFTC). On March 27, the CFTC filed a lawsuit against Binance and its CEO and co-founder, Changpeng “CZ” Zhao, for alleged trading violations, alleging that the exchange breached its 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.
Apparently, Catherine Coley, The first CEO of Binance.US, she hired a former federal prosecutor and CFTC high commissioner to represent her in the US government’s investigations into Binance.US. After leaving Binance.US in June 2021, Coley has been out of the public eye in the media and has not posted anything on her Twitter.
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