Binance.US, the United States-based arm of global cryptocurrency exchange Binance, has temporarily suspended some services due to issues related to its billing system and payment providers.
Binance US, the US-based arm of the global cryptocurrency exchange Binance, has temporarily suspended the withdrawal and deposit of the Binance USD (BUSD) Stablecoin. The suspension was announced through a blog post on the Binance US dashboard on March 31. BUSD trading pairs have been disabled through the One Common Billing System (OCBS).
Binance. The U.S. has stated that the company is currently looking into the matter and has mentioned that the services are “suspended temporarily.”
Surprisingly, the withdrawal suspension comes after Binance US suspended certain U.S. dollar deposits and withdrawals on March 30, March 30 due to the company transitioning to new banking and payment service providers over the next several weeks.”
According to the dashboard notice, the companies that have been halted are Apple Pay and Google Pay. The ongoing uncertainty around the global banking turmoil has also impacted Binance’s international affiliate, Binance, which is currently facing legal action from the U.S.
Commodity Futures Trading Commission (CFTC). On March 27 March 27, the CFTC filed a suit against Binance and its CEO Changpeng “C.Z.” Zhao for alleged trading violations, arguing that the exchange failed to meet compliance obligations by not registering with the regulator.
Binance.US was launched in September 2019 and operated as a separate entity from Binance, which is unavailable to U.S. users due to local regulations. Catherine Coley, the first CEO of Binance.US, reportedly enlisted a former federal prosecutor and top cop at the CFTC to represent her in the U.S. government’s investigations into Binance. U.S. After leaving Binance.US in June 2021, Coley has remained silent about her whereabouts in media and hasn’t posted anything on her Twitter.
The latest developments at Binance.US have raised concerns among its users, with some expressing frustration over the suspension of important services. However, the company has assured its customers that it is taking all necessary steps to restore the benefits immediately.
The ongoing regulatory scrutiny faced by Binance and its affiliates has highlighted the need for greater transparency and compliance in the cryptocurrency industry. While the industry continues to grow and evolve, companies operating in this space must comply with relevant regulations and work towards building trust among their customers and stakeholders.