Update April 4, 08:00 am UTC: This article was updated to reflect that the term OCBS refers to the one-click buy-sell transfer option at Binance.US.
Amid the ongoing uncertainty around the global banking turmoil, Binance’s United States-based arm Binance.US is halting some services.
According to the Binance.US status dashboard, on March 31, the U.S. crypto exchange disabled Binance USD (BUSD) stablecoin pairs via one-click buy-sell, referred to as OCBS. "Important note, we are only halting OCBS for delisted pairs, which is our standard practice," a spokesperson for Binance.US told Cointelegraph.
The affected services include BUSD crypto deposits and withdrawals or buying, selling and converting crypto options, the status notice says.
Binance.US said that the firm is currently investigating the issue, noting that the services are “suspended temporarily.”
A representative at Binance.US told Cointelegraph that the firm plans to complete necessary transitions in order to restore all services by April 14, 2023. "All other Binance.US services, including crypto deposits and withdrawals, are functioning normally," the spokesperson added.
The OCBS and BUSD issues on Binance.US came shortly after the firm halted certain U.S. dollar deposit services on March 30. According to the dashboard, Binance.US temporarily suspended Apple Pay and Google Pay deposits due to the company “transitioning to new banking and payment service providers over the next several weeks.”
For up to 5% of Binance.US customers, the platform has also halted debit card deposits starting from March 30, 2023. “We are working to restore all services as soon as possible,” Binance.US stated.
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The news comes amid Binance.US’ global affiliate, Binance, facing legal action from the U.S. Commodity Futures Trading Commission (CFTC). On March 27, the CFTC filed a suit against Binance and its CEO Changpeng “CZ” Zhao for alleged trading violations, arguing that the exchange failed to meet compliance obligations by not registering with the regulator.
Launched in September 2019 and headquartered in California, Binance.US operates as a separate entity from Binance, which is unavailable to U.S. users due to local regulations.
Catherine Coley, the first CEO of Binance.US, reportedly enlisted a former federal prosecutor and top cop at the CFTC to represent her in the U.S. government’s investigations into Binance.US. After leaving Binance.US in June 2021, Coley has remained silent about her whereabouts in media, and hasn’t posted anything on her Twitter.
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