Binance.US transitioning to new bank providers; briefly affecting deposits, withdrawals Binance.US transitioning to new bank providers; briefly affecting deposits, withdrawals
Many transfer methods, including Signature ACH transfers, are affected.
2 min read
Updated: Mar. 31, 2023 at 10:44 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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.US’ 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 “recent developments in the banking industry” 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.US’ future relationship with the bank is unclear.
The company’s status page indicates that various trading pairs featuring the firm’s Binance USD (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 “out of an abundance of caution.”
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 ― a deadline that has seemingly passed.
Binance.US’s latest update did not give specific deadlines for a resolution. On the Signature Bank ACH issue, it said that it is “working to restore services as quickly as possible.” On other issues, it said that services will be “impacted during the transition” over several weeks.
The news comes alongside recent charges against Binance from the Commodity and Future Trade Commission (CFTC). Though those charges largely concern Binance’s global arm, they could have an impact on the firm’s ability to operate in the United States.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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