Binance US has officially reopened US dollar deposits and withdrawals after suspending the services for almost 18 months due to legal issues.
The exchange announced in a blog post today that users can now deposit and withdraw USD through bank transfers (ACH). The feature will be activated for all eligible customers within the next few days.
Binance is reinstating all its USD services, including fee-free deposits and withdrawals through ACH transfers. On top of that, users can also stake crypto, trade over-the-counter (OTC), and convert small crypto balances into cash they can spend.
Interim CEO Norman Reed stated that this is a great step forward for the platform. “We are thrilled to restore fiat rails as we accelerate with increased momentum in the new year,” he said. “This marks one of the most improbable chapters for Binance US since July 2023.”
The exchange stopped USD transactions in June last year after the U.S. Securities and Exchange Commission (SEC) sued Binance and its founder, Changpeng “CZ” Zhao.
The agency accused the company of breaking securities laws and not registering as an exchange. The lawsuit also alleged that the exchange misused billions of customers’ funds. In response, the company declared that it would not accept the USD anymore later in October 2023
Then in November, Binance and U.S. regulators found common ground on a $4.3 billion settlement. This was one of the biggest fines in history. As part of the deal, Binance was obliged to ensure compliance with the regulations.
Despite these challenges, Binance.US is now back with full fiat services. The exchange’s decision comes as crypto regulations in the U.S. shift. Many believe that with a new administration in 2025, the government is taking a friendlier stance on crypto.
[cryptotimes]