Binance.US to Transition to New Banking Partners Amid US Issues

Binance.US users would experience issues depositing and withdrawing US dollars (USD) on the platform because of the recent banking crisis bedeviling the crypto industry, according to the exchange’s status page.

According to the page, users cannot withdraw or deposit USD using Apple Pay, Google Pay, and Wire transfers. The exchange added that debit card deposits would also be unavailable for around 5% of its users.

The exchange explained that it was transitioning to new banking and payment service providers due to the recent developments in the US banking industry.

Per the status page, the exchange has temporarily suspended trading pairs involving the BUSD stablecoin.

Binance.US did not give a definite timeline for these services to resume. It only gave a vague timing of “several weeks” and added that it was “working to restore all services as soon as possible.”

Signature Bridge Bank ACH Deposits and Withdrawals “Temporarily Unavailable”

The status page further showed that ACH deposits and withdrawals from Signature Bridge Bank were unavailable for users. The FDIC created Signature Bridge bank after being appointed as the receiver of the failed Signature Bank in March.

At the time, Signature board member Barney Frank suggested that the authorities close down the bank because of its crypto affiliations. However, New York financial regulators denied this claim.

Since then, Flagstar acquired Signature without $4 billion of its digital banking deposits.

Binance.US Reaches 41% of Coinbase Volume

Meanwhile, the issues appear not to have any effect on Binance.US’ trading volume. According to Binance CEO Changpeng ‘CZ’ Zhao, the US subsidiary’s volume reached 41% of Coinbase ― a new all-time high.

The increase is coming amid the legal trouble facing its parent company. The US Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and CZ, alleging that they violated commodity law. While the exchange said it would cooperate with the regulator, the community has rallied behind the exchange.

Meanwhile, Binance.US remains one of the largest crypto exchanges in the United States. Crypto data aggregator CoinGecko pointed out that the exchange users increased 16% in 2023 to 678,000 as of March 29.

In the last 24 hours, the exchange had a trading volume of $479.78 million, according to BeInCrypto data.