Binance.US transitioning to new bank providers, briefly limiting deposits and withdrawals

Binance.US said that some deposit and withdrawal services will be temporarily unavailable as it transitions to new services in a status update on March 31.

That update says that several transfer methods will be 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 service due to “recent developments in the banking industry” and said that it is moving to new banking service providers.

The issue seems to be related to Signature, as Binance.US said that ACH deposits from Signature Bridge Bank are no longer available. Even though Signature Bank has failed, it has been acquired by Flagstar and there are still efforts to sell parts of the company.

Though that issue was listed as resolved as of 16:43 UTC, it was listed as an issue once again just minutes later. Various other issues may be ongoing.

It is not clear whether the assorted issues are related to the Commodity and Future Trade Commission’s charges against Binance’s global arm.

Journalist at CryptoSlate

Mike trained in library and information sciences before moving into crypto writing in 2018. He lives on the West Coast of Canada.

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