Binance.US Temporarily Suspends Key Services Amid Banking Turmoil and Regulatory Scrutiny

Binance.US, the American subsidiary of the global cryptocurrency exchange Binance, announced the temporary suspension of its One Common Billing System (OCBS) and Binance USD (BUSD) stablecoin pairs on March 31. The move comes after the platform halts Apple Pay and Google Pay deposits.

As the world grapples with banking turmoil, Binance.US has decided to suspend certain services to address ongoing concerns. The company’s status dashboard revealed that it has disabled Binance USD stablecoin pairs through the OCBS. That decision affects various services, such as BUSD crypto deposits and withdrawals and buying, selling, and converting cryptocurrency options.

The exchange emphasized that the suspension is only temporary, as the firm is actively investigating the issue and working to restore all services as soon as possible.

Apple Pay and Google Pay Deposits Suspended

The OCBS and BUSD suspension followed Binance.US’s decision to halt specific U.S. dollar deposit services on March 30 temporarily. The dashboard disclosed that the company suspended Apple Pay and Google Pay deposits due to transitioning to new banking and payment service providers over the coming weeks.

Furthermore, Binance.US has paused debit card deposits for up to 5% of its customers since March 30, 2023. As indicated in its statement, the platform is committed to resuming all services as quickly as possible.

Binance Faces Legal Action from the U.S. CFTC

Binance.US’s global affiliate, Binance, is embroiled in legal action from the U.S. Commodity Futures Trading Commission (CFTC). On March 27, the CFTC filed a lawsuit against Binance and its CEO, Changpeng “CZ” Zhao, alleging trading violations. In addition, the regulator claims that Binance failed to meet compliance obligations by not registering with the CFTC.

Established in September 2019 and headquartered in California, Binance.US operates as a separate entity from Binance, which is inaccessible to U.S. users due to local regulations.

Former Binance.US CEO Enlists CFTC Veteran for Legal Representation

Catherine Coley, the first CEO of Binance.US, has reportedly engaged a former federal prosecutor and a high-ranking official at the CFTC to represent her in the U.S. government’s investigations into Binance.US.

Coley, who left Binance.US in June 2021, has remained tight-lipped about her current activities and has not made any public statements on her social media accounts.

As Binance.US navigates these suspensions and regulatory challenges, the company is determined to resolve the issues and continue providing comprehensive cryptocurrency services to its users.

With the ongoing investigation and transition to new banking and payment service providers, the platform aims to restore all suspended services promptly and maintain its commitment to compliance with regulatory requirements.

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