By George Ward
It’s been a tumultuous week for users of Binance.US, the US-based offshoot of the world’s largest cryptocurrency exchange. After temporarily suspending deposits and withdrawals via Apple Pay and Google Pay, Binance.US has now announced that it has temporarily disabled deposits and withdrawals of BUSD (Binance USD Stablecoin) and One Common Billing System (OCBS) pairs.
This move is the latest in a series of disruptive changes to the Binance.US platform, including the recent suspension of its margin trading service and the postponement of its fiat-to-crypto gateway.
The temporary suspension of BUSD and OCBS deposits and withdrawals is because the organization is switching to new banking and payment service providers over the upcoming weeks.
Binance.US Disables BUSD Services And Halts U.S. Dollar Deposits
The Binance.US status dashboard stated that the services related to the BUSD stablecoin pairs on the One Common Billing System (OCBS) had been disabled. This includes the deposits and withdrawals of BUSD crypto and the ability to buy, sell, or convert crypto options.
The Binance.US team is investigating the issue and has announced that these services will remain suspended until further notice. Shortly after Binance.US halted certain U.S. dollar deposit services, it encountered problems with OCBS and BUSD.
Per the company’s dashboard, this suspension was due to Binance.US transitioning to new banking and payment service providers in the coming weeks. As a result, Apple Pay and Google Pay deposits have temporarily been put on pause.
Additionally, around 5% of Binance.US customers have experienced difficulty with debit card deposits since March 30. However, the firm is taking steps to restore all services as soon as possible.
Binance And CEO CZ’s Legal Action: What Does This Mean For Binance.US?
Earlier this week, the Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and its CEO, Changpeng “CZ” Zhao, claiming that the platform did not abide by the necessary compliance standards by not getting registered with the regulator. Founded in September 2019 and based in California, Binance.US is a different company from Binance,
The latter is not accessible to U.S. citizens because of local regulations.
Catherine Coley, Binance.US’s first CEO, has employed the services of a former federal prosecutor and a high-ranking official from the CFTC to act as her legal representation in the investigation.
Since departing from Binance.US in June 2021, Coley has not publicly stated her current whereabouts or posted anything on her Twitter account. For now, it’s unclear when BUSD and OCBS deposits and withdrawals will be available again on the Binance.US platform.
In the meantime, users of Binance.US should continue to stay vigilant and follow all security protocols to ensure that their funds remain secure.