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Binance.US said in a status update on March 31 that some deposit and withdrawal options will be temporarily unavailable as it transitions to new banking services.
Wire transfers, payment apps limited
Binance.USâ status page says that several transfer methods are unavailable including wire deposits and withdrawals, Apple Pay deposits, and Google Pay deposits. It also said that debit card deposits are not available to 5% of its customers.
The company attributed the change due to ârecent developments in the banking industryâ and said that it is moving to new banking service providers.
Those limitations exists alongside another issue: Binance.US also says that ACH deposits from Signature Bridge Bank are temporarily available. Though that issue was listed as resolved as of 16:43 UTC, it was listed as an issue again just minutes later.
Signature Bank has failed but has been acquired by Flagstar and there are still efforts to sell parts of the company. Binance.USâ future relationship with the bank is unclear.
The companyâs status page indicates that various trading pairs featuring the firmâs Binance USDÂ (BUSD) stablecoin are temporarily unavailable as well.
How long will these issues last?
Binance.US previously said on March 29 that ACH withdrawals were disrupted last week and remained paused âout of an abundance of caution.â
Later, The Information reported that the issue specifically affected Signature Bank-related ACH transfers. The news site also reported Binance planned to resolve the issue within 24 hours of the March 29 report â a deadline that has seemingly passed.
Binance.USâs latest update did not give specific deadlines for a resolution. On the Signature Bank ACH issue, it said that it is âworking to restore services as quickly as possible.â On other issues, it said that services will be âimpacted during the transitionâ over several weeks.
The news comes alongside recent charges against Binance from the Commodity and Future Trade Commission (CFTC). Though those charges largely concern Binanceâs global arm, they could have an impact on the firmâs ability to operate in the United States.
The post Binance.US transitioning to new bank providers; briefly affecting deposits, withdrawals appeared first on CryptoSlate.
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