Recent Service Interruptions
As the banking world is on a rollercoaster ride of uncertainty, Binance’s U.S. arm, Binance.US, is hitting the brakes on some services. On March 31, the crypto exchange made a surprising announcement via its status dashboard, putting a halt to the one-click buy-sell transfer option, known as OCBS, particularly for the Binance USD (BUSD) stablecoin pairs.
What’s Going On with BUSD and OCBS?
Speaking to Cointelegraph, a Binance.US spokesperson clarified, “Important note, we are only halting OCBS for delisted pairs, which is our standard practice.” In simpler terms, if you thought you could buy or sell BUSD through quick clicks, think again—at least for now.
Temporary but Troubling
According to the status notice, the services affected include crypto deposits and withdrawals involving BUSD, as well as other buying, selling, and converting options. But don’t panic just yet; Binance.US insists this is a temporary suspension while they conduct further investigations.
Restoration Plans on the Horizon
The company assures its users that they are on the right track to restore full functionality by April 14, 2023. A spokesperson added, “All other Binance.US services, including crypto deposits and withdrawals, are functioning normally,” which is probably their way of saying, “Hey, we’re not all bad!”
A Bigger Picture: Legal Woes
The troubles don’t end there, as Binance.US’s global parent, Binance, is facing some legal drama. On March 27, the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance for alleged trading violations, putting both entities in a bit of a hot seat. It’s like a game of musical chairs, and right now, no one is too sure where to sit!
History of Change in Leadership
Let’s rewind a bit: Binance.US was born in September 2019 and has since functioned separately from its parent company due to local regulations. The company’s first CEO, Catherine Coley, who left in June 2021, has since been in the shadows, with no public updates on her next adventure. Even her Twitter is quieter than a library on a Monday night.
