Binance.US, the US-based subsidiary of the popular cryptocurrency exchange Binance, has announced a temporary halt on several deposit and withdrawal options as it transitions to new banking service providers. The move comes as the company aims to address “recent developments in the banking industry” and improve its banking services. In this article, Crypto Domain Sale will give you some more insight on this transition.
Temporary Unavailability of Transfer Methods
As part of the transition, Binance.US has temporarily suspended several transfer methods, including wire transfers, Apple Pay and Google Pay deposits, and debit card deposits for 5% of its customers. The company also warned that ACH deposits from Signature Bridge Bank would be temporarily unavailable, a problem that was listed as resolved before reappearing minutes later. While Binance.US has not yet clarified the status of its relationship with Signature Bank, the company’s future with the bank remains uncertain.
Trading Pairs Involving BUSD Unavailable
In addition to the deposit and withdrawal restrictions, several trading pairs featuring Binance’s USD-pegged stablecoin BUSD are temporarily unavailable as well. This means that users will not be able to trade BUSD with other cryptocurrencies on Binance.US until the restrictions are lifted.
Unclear Timeline for a Resolution
Although Binance.US has acknowledged the issues and is working to resolve them, the company has not provided a specific timeline for when the restrictions will be lifted. Binance’s latest update noted that the transition could take several weeks and that services would be “impacted during the transition.” Additionally, the recent charges against Binance by the Commodity and Future Trade Commission (CFTC) could also impact the company’s ability to operate in the United States.
Final Thoughts
The temporary restrictions on deposit and withdrawal options for Binance come as the company undergoes a significant transition in its banking services. While the company works to address these issues, users may need to consider alternative options for depositing and withdrawing funds. Nonetheless, as Binance continues to navigate this transition, it is crucial to monitor the company’s updates and progress in resolving these issues.
