Binance’s US-based arm, Binance.US, is shutting down some of its services amid ongoing uncertainty over the global banking turmoil. Altcoin trading pairs made through OCBS are disabled.
Binance.US suspends trading on these altcoin pairs
As uncertainty around the global banking crisis continues, Binance’s US-based unit, Binance.US, is shutting down some services. According to the Binance.US status board, on March 31st, Binance USD (BUSD) pairs were deactivated via OCBS (One Common Billing System).
Affected services include deposits and withdrawals of BUSD cryptocurrencies or buying, selling and converting crypto options. Binance.US stated that the company is investigating the issue and that services are “temporarily suspended.”
The OCBS and BUSD issues came to light shortly after Binance.US suspended certain US dollar deposit services on March 30. According to the status panel, Binance.US has temporarily suspended investments in Apple Pay and Google Pay due to “switching to new banking and payment service providers in the next few weeks.”
Binance.US stated that the platform has also suspended debit card investments from March 30 for up to 5%. “We are trying to reactivate all services as soon as possible,” the announcement said.
The news came in the middle of the Binance-CFTC lawsuit
The decision to suspend trading comes at a time when Binance.US’s global subsidiary, Binance, is facing legal action from the US Commodity Futures Trading Commission (CFTC). On March 27, the CFTC sued Binance and its CEO, Changpeng “CZ” Zhao, for alleged trade violations, arguing that the exchange failed to meet its compliance obligations by failing to register with the regulator.
According to the CFTC, Binance failed to meet its regulatory obligations by not properly registering with the derivatives regulator. The cryptocurrency exchange has been the focus of a CFTC investigation since 2021. The exchange acknowledged in February that it will likely face regulatory action in the US and is already working with regulators. From the case to the latest developments cryptocoin.com We have included it in this article.
Based in California and launched in September 2019, Binance.US trades as a separate company from Binance. Binance.US’s first CEO, Catherine Coley, had hired a former federal prosecutor and a senior CFTC official to defend herself against US government investigations into Binance.US. After leaving Binance.US in June 2021, Coley did not appear in the media and did not share anything on his Twitter account.
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