Binance.US suspends OCBS BUSD deposits, withdrawals

The U.S. Commodities Futures Trading Commission (CFTC) has filed suit against Binance, the international parent company of Binance.US.

Binance.US suspends OCBS BUSD deposits, withdrawals

In light of the growing uncertainties surrounding the global financial crisis, Binance’s U.S.-based subsidiary, Binance.US has suspended some services.

According to Binance.US’s status dashboard, the U.S. cryptocurrency exchange suspended Binance USD stablecoin pairings via the One Common Billing System (OCBS) on March 31.

According to the status update, the impacted services include BUSD crypto deposits and withdrawals, as well as the purchase, sale, and conversion of crypto options.

Binance.US stated that the company is actively investigating the matter and that services are “temporarily paused.”

Binance.US status dashboard. Source: Binance.US

The OCBS and BUSD problems on Binance.US occurred immediately after the company suspended certain U.S. dollar deposit services on March 30.

According to the dashboard, Apple Pay and Google Pay deposits have been temporarily halted by Binance.US while the firm “transitions to new banking and payment service providers over the next several weeks.”

The site has also stopped accepting debit card deposits for up to 5% of Binance.US clients beginning on March 30, 2023. Binance.US announced, “We are striving to restore all services as quickly as feasible.”

Binance, the worldwide affiliate of Binance.US, is now facing legal action from the U.S. Commodities Futures Trading Commission (CFTC).

The CFTC filed a lawsuit against Binance and its CEO Changpeng “CZ” Zhao on March 27 for suspected trading breaches, alleging that the exchange failed to comply with regulatory registration requirements.

Binance was launched in September 2019 and has its headquarters in California.

America operates independently from Binance, which U.S. users cannot access due to local constraints.

Catherine Coley, the inaugural CEO of Binance.US, allegedly hired a former federal prosecutor and senior CFTC officer to represent her in U.S. government investigations into Binance.US. Since she departed from Binance.US in June 2021, Coley has stayed silent about her location in the media and has not updated her Twitter account.