Binance.US transitioning to new bank providers; briefly affecting deposits, withdrawals
Binance.US said in the following status update: March 31st Due to the transition to new banking services, some deposit and withdrawal options will be temporarily unavailable.
Wire transfer, payment app only
Binance.US’s status page states that several payment methods are not available, including wire transfers, wire transfers, Apple Pay deposits, and Google Pay deposits. He also said that 5% of his customers are unable to accept debit card deposits.
The company said it was transitioning to a new banking service provider, citing a change due to “recent developments in the banking industry.”
These limitations exist along with another problem. Binance.US also said that ACH deposits from Signature Bridge Bank are temporarily available. This issue was listed as resolved as of 16:43 UTC, but was listed as an issue again a few minutes later.
Signature Bank has gone bankrupt but has been acquired by Flagstar and efforts are still underway to sell parts of the company. The future relationship between Binance.US and the bank is unknown.
The company’s status page also indicates that various trading pairs featuring the company’s Binance USD (BUSD) stablecoin are also temporarily unavailable.
How long will these problems last?
Binance.US previously March 29th ACH withdrawals were suspended last week and remained suspended “out of due diligence.”
then the information reported This issue specifically affected Signature Bank-related ACH transfers. The news site also reported that Binance plans to fix the issue within 24 hours from his March 29 report.
Binance.US’s latest update did not give a specific deadline for resolution. Regarding the Signature Bank ACH issue, it said it was “working to restore service as soon as possible”.
The news comes alongside recent indictments against Binance from the Commodity Futures Trading Commission (CFTC). While these charges primarily concern Binance’s global division, they may impact Binance’s ability to conduct business in the United States.