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Crypto exchange Binance.US temporarily suspended One Common Billing System (OCBS) transactions for Binance USD (BUSD).
According to Binance.US’ incident reports page, the suspension will affect deposit and withdrawal facilities for BUSD, with the exchange claiming that its team is still investigating the issue.
Meanwhile, Binance.US disabled several US Dollar (USD) deposit methods due to “recent developments in the banking industry.”
The exchange announced that it will switch to other banking service providers over the coming weeks. During this time, Binance.US will not process USD deposits made via Google Pay and Apple Pay.
Binance’s US subsidiary also disabled deposits and withdrawals made via Wire in addition to pausing debit card deposits for less than 5% of its user base.
BUSD lost over half its market capitalization ever since the NYDFS prohibited Paxos from issuing the token. As of writing, BUSD is the third largest stablecoin, with its market cap amounting to $7.5B.
Meanwhile, the CFTC sued Binance’s global platform and its CEO for alleged violations of the Commodity Exchange Act on March 27. Although Changpeng Zhao refuted the US regulator’s allegations, the CFTC’s lawsuit resulted in the crypto exchange suffering over $2B in outflows since the beginning of the week