Binance.US announced that it has resumed USD (USD) deposit, withdrawal, and trading services as of February 19. This marks the first restart of fiat currency deposit and withdrawal channels since the platform became embroiled in a lawsuit with the U.S. Securities and Exchange Commission (SEC) in 2023.

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

  • Buying and selling cryptocurrencies with USD: Supports bank transfers (ACH) for direct cryptocurrency purchases;

  • Exchange between USD and cryptocurrency: Can instantly convert between USD and cryptocurrency;

  • 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 lows.

Binance.US announced the termination of USD trading and deposit/withdrawal services in June 2023, following a lawsuit by the U.S. Securities and Exchange Commission (SEC) against Binance, Binance.US, and founder Changpeng Zhao (CZ), accusing them of violating securities laws, which led to the disruption of the platform's fiat payment channels and forced it to transform into a 'crypto-to-crypto exchange' that only offers cryptocurrency services.

Binance.US interim CEO Norman Reed stated: 'We are excited to restore fiat trading channels. This is one of the most important milestones for Binance.US since its transformation into a crypto-to-crypto exchange in July 2023. We have been looking forward to this day, and we can finally offer full 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 halt of fiat trading, Binance.US's market share has plummeted. According to data from The Block, the platform previously held a 10% market share among exchanges supporting USD, but by January this year, it had dropped sharply to just 0.1%. Even with over 160 cryptocurrency trading options still available, it struggled against market contraction. In September 2023, Binance.US President and CEO Brian Shroder resigned amidst uncertainty about the company's future, and subsequently, the company cut one-third of its workforce to reduce costs in response to the crisis.

Currently, the SEC's lawsuit against Binance is still ongoing, but the U.S. District Court for the District of Columbia approved a 60-day pause in the lawsuit on February 13, with both parties jointly requesting the court to pause the litigation. The reason given is that the SEC's newly established cryptocurrency regulatory task force is drafting a clearer regulatory framework, contrasting with former SEC Chairman Gary Gensler's policy of 'enforcement over 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 protecting our users. The restart of USD trading services provides users with a safer, more reliable, and convenient deposit and withdrawal channel, allowing them to transfer funds smoothly and trade cryptocurrencies.'

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 a 'restart.' However, he 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', resuming fiat trading for the first time in nearly two years" This article was first published on (Blockcast).

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