On March 31, Binance.US, a US-based subsidiary, announced that it had temporarily suspended trading for stablecoin pairs involving Binance USD (BUSD) through One Common Billing System (OCBS).
The suspension was due to an ongoing investigation by the Commodity Futures Commission (CFTC) into potential violations committed by the exchange.
The decision to halt services came amidst the current global banking crisis, which has caused uncertainty and affected Binance.US’s operations.
The suspended services include BUSD crypto deposits and withdrawals and buying, selling, and converting crypto options.
The exchange has confirmed on its status dashboard that it is investigating the situation, and the services will remain suspended until further notice. Additionally, the exchange recently halted specific U.S. dollar deposit services and temporarily suspended Apple Pay and Google Pay deposits for reasons related to the company.
The statement read:
OCBS and stable coin pairs for BUSD are suspended temporarily. We are working to restore all services as soon as possible. Transitioning to new banking and payment service providers over the next several weeks.
The exchange had halted debit card deposits for up to 5% of its customers but is working to restore all services as soon as possible.
Binance Allegedly Didn’t Meet Compliance Obligations
The CFTC filed a lawsuit against Binance and its CEO Changpeng “CZ” Zhao, on March 27, alleging trading violations. The lawsuit claims the exchange did not meet compliance obligations, including failure to register with the regulator. The allegations suggest that the exchange aided its customers in circumventing compliance controls.
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Author: anushsamal
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