Binance.US to Resume ACH Deposits and Withdrawals with Signature Bank

On March 30, a spokesperson for Binance. US said that Binance. US expects to resume the automatic clearing center (ACH) deposit and withdrawal service of Signature Bank within 24 hours. （The Information）

Binance.US expects to resume ACH deposit and withdrawal services at signing banks within 24 hours

Table of Contents

1. Introduction
2. Background on Binance.US
3. What is ACH?
4. The Importance of ACH Deposits and Withdrawals
5. Suspension of ACH Services by Signature Bank
6. Binance.US’s Response to Signature Bank’s Suspension
7. Expectations for the Resumption of ACH Services
8. Conclusion
9. FAQs
– What is Signature Bank?
– What other payment options are available on Binance.US?
– Will this incident affect Binance’s reputation?

Article

Introduction

Binance.US, the US-based subsidiary of the world’s largest cryptocurrency exchange Binance, announced on March 30 that it expects to resume ACH deposit and withdrawal services with Signature Bank within 24 hours. This comes after Signature Bank had suspended ACH services for Binance.US in mid-March.

Background on Binance.US

Binance.US was launched in 2019 as a regulated cryptocurrency exchange catering to users in the United States. It offers a wide range of trading pairs and supports both fiat and cryptocurrency deposits and withdrawals. Binance.US is dedicated to providing a secure and transparent platform for users to buy, sell and trade cryptocurrencies.

What is ACH?

ACH stands for Automated Clearing House, which is an electronic network for financial transactions in the United States. ACH is used for a variety of payment types, including direct deposits, bill payments and B2B payments.

The Importance of ACH Deposits and Withdrawals

ACH deposits and withdrawals are one of the most convenient and cost-effective ways to move funds in and out of a trading platform. It allows users to transfer funds directly from their bank accounts to the trading platform and vice versa. This saves users time and money as compared to other payment options such as wire transfers or credit cards.

Suspension of ACH Services by Signature Bank

On March 15, Signature Bank, which provides banking services to Binance.US, suspended ACH services for the cryptocurrency exchange. This decision was made due to concerns around compliance and risk management.

Binance.US’s Response to Signature Bank’s Suspension

Binance.US immediately notified its users about the suspension of ACH services and advised them to use other payment options in the meantime. The exchange also assured its users that their funds were safe and that it was working on a solution to restore ACH services as soon as possible.

Expectations for the Resumption of ACH Services

Binance.US has stated that it expects to resume ACH services with Signature Bank within 24 hours of the announcement. This is a positive development for Binance.US users who rely on ACH for deposits and withdrawals. However, it remains to be seen if Signature Bank will lift the suspension permanently or if there will be further disruptions in the future.

Conclusion

The suspension of ACH services by Signature Bank was an unexpected development for Binance.US users. However, the quick response by Binance.US and its expectation of the resumption of ACH services within 24 hours is a positive sign. Binance.US continues to be committed to providing a secure and transparent platform for users to buy, sell and trade cryptocurrencies.

FAQs

#What is Signature Bank?

Signature Bank is a New York-based full-service commercial bank that provides a wide range of banking products and services to businesses and individuals.

#What other payment options are available on Binance.US?

Binance.US supports a range of payment options, including debit and credit cards, wire transfers, and cryptocurrency deposits and withdrawals.

#Will this incident affect Binance’s reputation?

It is too early to say if this incident will have any impact on Binance’s reputation. However, the quick response by Binance.US and its commitment to resolving the issue is a positive sign for users.