Binance.US announced that it has resumed USD (USD) deposit, withdrawal, and trading services on February 19, marking the platform's first resumption of fiat currency deposit and withdrawal channels since becoming embroiled in the SEC lawsuit in 2023.

According to an official statement, starting Wednesday, Binance.US will gradually open zero-fee bank transfer (ACH) deposit and withdrawal functions, and will gradually roll out to all eligible users in the coming days. Additionally, the platform will also restore the following services:

  • Buying and selling cryptocurrencies with USD: Support for bank transfers (ACH) to buy cryptocurrencies directly;

  • USD and cryptocurrency exchange: Instant conversion between USD and cryptocurrencies;

  • Restoration of 10 USD trading pairs: BTC/USD, XLM/USD, DOGE/USD, SOL/USD, ETH/USD, ADA/USD, HBAR/USD, SHIB/USD, SUI/USD, BNB/USD, with more trading pairs to be added in the future;

  • Dollar-cost averaging feature: Supports automatic purchases of cryptocurrencies daily, weekly, bi-weekly, or monthly.

From the impact of the SEC lawsuit to a strong comeback, Binance.US emerges from the low point.

Binance.US announced the termination of USD trading and deposit/withdrawal services in June 2023, when the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance, Binance.US, and founder Changpeng Zhao (CZ), accusing them of violating securities laws, leading to the interruption of the platform's fiat payment channels and forcing it to transform into a cryptocurrency-only 'cryptocurrency exchange.'

Binance.US interim CEO Norman Reed stated, 'We are pleased to be able to restore fiat trading channels. This is one of the most important milestones for Binance.US since transforming into a cryptocurrency exchange in July 2023. We have been looking forward to this day, and we can finally offer complete USD services again.'

Binance.US stated that although it has been actively cooperating with the SEC investigation since December 2020, the uncertainty brought by the lawsuit has significantly affected the company's relationships with partner banks.

Since the suspension of fiat trading, Binance.US's market share has plummeted. According to data from (The Block), the platform once had a 10% market share among exchanges supporting USD, but by January of this year, it had dropped to only 0.1%. Even though it still offers over 160 cryptocurrency trading options, it struggles against the shrinking market. In September 2023, Binance.US President and CEO Brian Shroder resigned amid uncertainty about the company's future, and the company subsequently laid off a third of its workforce to reduce costs in response to the crisis.

Currently, the SEC's lawsuit against Binance is ongoing, but the U.S. District Court for the District of Columbia approved a 60-day pause on February 13, with both parties jointly applying to the court for the pause. The reason being that the newly established cryptocurrency regulatory task force of the SEC is developing a clearer regulatory framework, which contrasts with the previous SEC Chairman Gary Gensler's policy of 'enforcement instead of regulation.'

Binance.US General Counsel Dan Wong stated in a statement, 'As a licensed and regulated cryptocurrency exchange in the U.S., we are always committed to compliance and user protection. This restart of USD trading services provides users with a safer, more reliable, and convenient deposit and withdrawal channel, allowing them to smoothly transfer funds and engage in cryptocurrency trading.'

Meanwhile, Binance CEO Richard Teng stated in an interview with Bloomberg at the Hong Kong (Consensus) conference that with the new U.S. government taking office, the cryptocurrency industry is facing an opportunity for 'reboot.' However, he also emphasized that Binance is still waiting for further clarity in the U.S. regulatory environment to determine its future development direction.

"Binance.US Restarts 'USD Deposit and Withdrawal,' Marking the First Resumption of Fiat Trading in Nearly Two Years" was first published on (BlockBeats).

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