Binance.US Expects to Resume ACH Service with Signature Bank Within 24 Hours

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

Binance.US, the US-based cryptocurrency exchange platform, announced on March 30 that it expects to resume the automatic clearing center (ACH) deposit and withdrawal service of Signature Bank within the next 24 hours. In effect, Signature Bank’s ACH service was suspended in light of concerns over fraudulent activities from some unknown contractors.

What is Binance.US?

Binance.US is a cryptocurrency exchange platform offering a range of digital assets to active traders, including cryptocurrencies, tokens, and stablecoins. The platform enables users to buy and sell digital currencies, with a focus on providing an intuitive and secure trading experience.

What is ACH Deposit and Withdrawal Service of Signature Bank?

The Automatic Clearing House (ACH) deposit and withdrawal service of Signature Bank are used to transfer funds electronically between banks. This service enables direct deposit for payroll, government, and Social Security benefits, tax refunds, and other payment types.

What Happened with Signature Bank’s ACH Service?

Signature Bank, a New York-based commercial bank, suspended its ACH service after experiencing fraudulent activities caused by unknown contractors. The bank has not yet released any official statement regarding the extent of damage caused by these attacks, but the suspension of its ACH service has impacted the trading activities of Binance.US customers.

How Will This Affect Binance.US Users?

This temporary suspension of ACH service by Signature Bank has caused inconvenience to several Binance.US users, who rely on this service for depositing and withdrawing funds. However, with the announcement of a resumption in services within the next 24 hours, customers can expect to have their activities return to normal soon.

Conclusion

The resumption of Signature Bank’s ACH service by Binance.US is a positive step towards ensuring the safety and security of customer funds. Though the temporary suspension may have caused some disruption, the prompt action taken by the exchange and the bank is a testament to their commitment to providing a seamless user experience.

FAQs

1. What other deposit and withdrawal services are available on Binance.US?
Binance.US offers a range of other deposit and withdrawal services, including wire transfers, debit card transfers, and third-party payment processors.
2. What measures are Binance.US and Signature Bank taking to prevent future attacks?
Both Binance.US and Signature Bank are taking proactive measures to prevent future attacks, including improving security protocols and enhancing monitoring for suspicious activities.
3. Can Binance.US customers withdraw funds using other payment methods?
Yes, Binance.US customers have several other payment methods available to them for withdrawing funds, including wire transfers, debit card transfers, and third-party payment processors.