Binance.US, a leading cryptocurrency exchange, has recently encountered challenges with USD deposits and withdrawals due to the ongoing banking crisis that has engulfed the crypto industry.
The exchange’s status page has revealed that current users are unable to use Apple Pay, Google Pay, and wire transfers for USD deposits or withdrawals, and around 5% of users are unable to use debit card deposits.
Binance.US is presently in the process of transitioning to new banking and payment service providers in response to the recent upheavals in the US banking industry.
Consequently, trading pairs involving the BUSD stablecoin have been temporarily suspended, and no specific timeline has been provided for the resumption of services, except for a vague “several weeks” time frame.
In addition, the status page indicates that ACH deposits and withdrawals from Signature Bridge Bank are currently unavailable to users.
Despite these challenges, Binance.US has reported a new all-time high in trading volume, reaching 41% of Coinbase’s volume, indicating the continued confidence of its users in the platform.
These developments come in the midst of legal troubles faced by its parent company, which has been sued by the US Commodity Futures Trading Commission for alleged violations of commodity law.
Despite this, the community has rallied behind Binance.US, and the exchange has pledged to cooperate with regulators.
As the crypto industry continues to navigate the ongoing banking crisis, Binance.US remains committed to providing its users with a secure and reliable trading platform, and is working tirelessly to restore all services as soon as possible.