Binance.US Reinstates USD Deposits and Withdrawals for US Customers
Binance.US has recently announced the reinstatement of USD deposits and withdrawals for its US customers, a move that marks a significant shift for the platform. This development comes after months of operating solely as a crypto-only platform.
Key Points:
- Users can now deposit and withdraw US dollars without fees via bank transfers (ACH).
- The fiat services rollout begins today and will gradually expand to all eligible users.
- Trading, converting, and accessing over 160 cryptocurrencies remain available.
Interim CEO Norman Reed on the Milestone
Norman Reed, the interim CEO of Binance.US, described the reinstatement of fiat services as a key milestone. He highlighted the challenges the platform faced since suspending USD transactions in mid-2023. Reed stated:
“We are thrilled to restore fiat rails as we accelerate with increased momentum in the new year. This marks one of the most important chapters for Binance.US since July 2023, when we were forced to begin operating as a crypto-only platform. We have been looking forward to the day that we would be able to offer full USD services again.”
Legal Challenges and Regulatory Hurdles
Over the past year, Binance.US has encountered significant regulatory challenges, particularly after the US Securities and Exchange Commission (SEC) accused the platform of breaching securities laws. This led to banking partners severing ties, disrupting USD services, and ultimately forcing the exchange to suspend deposits and recurring buy orders.
Despite these disruptions, Binance.US managed to maintain its crypto trading and staking services. However, its market presence was notably impacted, with its market share in the US dropping below 1% for most of the past year, compared to its peak of over 20% in 2022.
Positive Developments Ahead
Amidst these challenges, Binance.US might be on the brink of a significant turnaround, thanks to leadership changes at the Commission, which introduced a crypto task force. As a result, Binance.US and the SEC have requested a 60-day pause for their ongoing lawsuit, a demand recently approved by a Washington D.C. district judge.
