Binance.US, the United States-based arm of Binance, has temporarily suspended some of its services. The cryptocurrency exchange has disabled the use of Binance USD stablecoin pairs via the One Common Billing System (OCBS), affecting BUSD crypto deposits and withdrawals, as well as buying, selling, and converting crypto options. The company is currently investigating the issue and has assured its users that the services will be restored as soon as possible. This follows the temporary suspension of certain U.S. dollar deposit services, including Apple Pay and Google Pay deposits and debit card deposits for some of its customers.
Binance.US facing legal action from CFTC
The announcement comes amid legal action against Binance and its CEO Changpeng “CZ” Zhao by the U.S. Commodity Futures Trading Commission (CFTC) for alleged trading violations. The regulator argues that Binance failed to meet compliance obligations by not registering with the regulatory body. Binance.US, which launched in September 2019, operates as a separate entity from Binance and is only available to U.S. users due to local regulations.
Also Read: Bankruptcy Court Approves Binance.US Acquisition of Voyager Digital Assets
Former CEO of Binance.US enlists legal representation
Catherine Coley, the former CEO of Binance.US, has reportedly hired a former federal prosecutor and top cop at the CFTC to represent her in the U.S. government’s investigations into the company. After leaving Binance.US in June 2021, Coley has remained silent about her whereabouts in the media and has not posted anything on her Twitter account.
