Binance US Suspends BUSD Deposits and Withdrawals Via OCBs1 min read
Binance US, the American arm of the global cryptocurrency exchange Binance, has suspended deposits and withdrawals for the BUSD stablecoin via OCBs (Other Cryptocurrency and Fiat On-Ramps) due to “intermittent issues.”
Binance US announced the suspension on March 31 via Binance.US status dashboard, stating that it was working to resolve the issue and would provide updates as they become available.
BUSD is a USD-pegged stablecoin developed by Binance in partnership with Paxos, a regulated financial institution. The stablecoin is designed to be fully backed by U.S. dollars held in reserve and can be used to trade against other cryptocurrencies on Binance.
The suspension of BUSD deposits and withdrawals via OCBs is not the first time Binance US has encountered such an issue. In February, the exchange temporarily suspended deposits and withdrawals for several cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, due to a “large-scale inflow of users.”
As of the time of writing, it is unclear when the BUSD deposit and withdrawal services via OCBs will be restored on Binance US.
The suspension of BUSD deposits and withdrawals via OCBs could potentially have a negative impact on traders who rely on the stablecoin to trade against other cryptocurrencies on the exchange. It remains to be seen if this issue will affect Binance’s overall trading volume and reputation.