Binance.US, the American arm of the global cryptocurrency exchange Binance, has announced the resumption of US dollar (USD) deposit and withdrawal services for its customers. This marks a significant turnaround for the exchange, which had suspended these services in June 2023 due to regulatory challenges.
The reinstatement of USD services comes after a period of intense scrutiny and legal battles with US regulatory bodies, including the Securities and Exchange Commission (SEC). The SEC had filed a lawsuit against Binance and its founder, Changpeng Zhao, alleging various violations of securities laws.
Following the lawsuit, Binance.US was forced to operate as a “crypto-only” exchange, significantly limiting its functionality for American users. However, with the recent announcement, customers can now once again deposit and withdraw USD through bank transfers (ACH), link their bank accounts to the platform, and trade in USD pairs.
List of US dollar services. Source: Binance
Binance.US stated that the resumption of USD services will be rolled out gradually to all eligible customers in the coming days. This move signals a potential easing of regulatory pressures and a renewed commitment by Binance to operate within the US legal framework.
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