This article briefly:

Binance.US said its users will have trouble depositing and withdrawing U.S. dollars due to the recent banking crisis.

The exchange added that ACH deposits and withdrawals from Signature Bridge Bank have also been suspended.

Binance CEO Changpeng ‘CZ’ Zhao tweeted that Binance.US’ trading volume has reached 41% of Coinbase’s.

According to the exchange’s status page, Binance.US users will experience issues depositing and withdrawing U.S. dollars (USD) on the platform due to the recent banking crisis plaguing the cryptocurrency industry.

According to the page, users are unable to withdraw or deposit U.S. dollars using Apple Pay, Google Pay, and wire transfers. The exchange added that about 5% of its users are also unable to deposit using debit cards.

The exchange explained that it is transitioning to a new bank and payment service provider due to recent developments in the U.S. banking industry.

According to the status page, the exchange has suspended trading pairs involving the BUSD stablecoin.

Binance.US did not give a clear timeline for restoring these services. It only gave a vague timeline of "a few weeks," adding that it is "working hard to restore all services as soon as possible."

Signature Bridge Bank ACH deposits and withdrawals 'temporarily unavailable'

The status page further shows that users are unable to use ACH deposits and withdrawals from Signature Bridge Bank, which the FDIC created after being appointed receiver of the failed Signature Bank in March.

At the time, Signature board member Barney Frank suggested that authorities shut down the bank because of its ties to cryptocurrencies, a claim that New York financial regulators denied.

Since then, Flagstar has acquired Signature without $4 billion in digital bank balances.

Binance.US accounts for 41% of Coinbase’s trading volume

Meanwhile, these issues don’t appear to have had any impact on Binance.US’ trading volumes. According to Binance CEO Changpeng ‘CZ’ Zhao, the US subsidiary’s trading volume reached 41% of Coinbase’s, a record high.

The growth comes as its parent company faces legal troubles. The U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and CZ, alleging that they violated commodity laws. Although the exchange said it would cooperate with the regulator, the community has rallied in support of the exchange.

Meanwhile, Binance.US remains one of the largest cryptocurrency exchanges in the U.S. Crypto data aggregator CoinGecko noted that exchange users grew 16% in 2023 to 678,000 as of March 29.

According to BeInCrypto data, the exchange has recorded $479.78 million in trading volume over the past 24 hours.