Binance Suspends BUSD Stablecoin Pairs, CFTC Investigates

• Binance.US has temporarily suspended its BUSD stablecoin pairs via One Common Billing System (OCBS) due to an investigation by the Commodity Futures Trading Commission (CFTC).
• The CFTC alleges that Binance helped customers evade KYC policies and circumvent compliance controls.
• Binance.US also halted Apple Pay and Google Pay deposits, as well as debit card deposits for some customers during the transition to new banking providers.

Binance.US Suspends Stablecoin Pairs

Binance’s US-based subsidiary, Binance.US, has temporarily suspended its BUSD stablecoin pairs via One Common Billing System (OCBS) due to an investigation by the Commodity Futures Trading Commission (CFTC). This affects services such as crypto deposits and withdrawals, buying and selling options, and converting crypto options.

Allegations of Helping Customers Evade KYC Policies

The CFTC has alleged that Binance helped customers evade KYC policies and circumvent compliance controls in order to maximize corporate profits. In response, CEO Changpeng „CZ“ Zhao stated that the complaint contained an „incomplete recitation of facts“.

Apple/Google Pay Deposits Temporarily Halted

In addition to suspending OCBS services, Binance.US also halted Apple Pay and Google Pay deposits due to transitioning to new banking providers over the next several weeks. A small number of customers have had their debit card deposits temporarily halted as well.

Binance Not Available in U.S.

It should be noted that while Binance is a global affiliate of Binace.US, it is not available for use in the United States due to local regulations.

Investigation Ongoing

The ongoing investigation by the CFTC is still ongoing but it is unclear when any decisions will be made or what those decisions may be at this time. In the meantime, Biance continues to work towards restoring all services as soon as possible for its US-based customers so they can resume using the exchange without disruption or delay