Binance.US USD Services Restoration: Key Details
Binance.US has announced plans to relaunch USD services in early 2025, marking a major operational shift after a long period of limited banking access.
The move comes amid growing optimism about potential changes to U.S. cryptocurrency policy and marks a critical moment for the exchange after a tumultuous year.
Binance.US will resume USD services in 2025
Recently the Binance.US blog announced plans to resume USD services in early January. Interim CEO Norman Reed emphasized the importance of the move, describing fiat services as the “most requested and anticipated” feature from users.
“While I can’t yet provide a firm release date, let me be clear: It’s not a question of if, it’s a question of when,” Reed said. explain.
The platform operates as an independent entity Binance exchange BAM trading services comply with US regulations. it Fiat currency trading to stop in 2023which was a decision made in the context of a civil claim filed by the U.S. SEC (Securities and Exchange Commission).
This lawsuit and Allegations of financial misconduct This ultimately resulted in a suspension of USD deposits and withdrawals. Since then, Binance.US has faced intense regulatory scrutiny and limited banking capabilities.
Despite this, the exchange has maintained stable operations, supporting over 160 cryptocurrencies and providing collateral for over 20 assets. According to Reed, the staking service outperforms its competitors.
Nonetheless, he attributed much of the regulatory pressure to the outgoing administration’s deliberate efforts to limit crypto companies’ access to banking services, saying “Operation Choke Point 2.0“.
The issue draws attention after Coinbase Chief Legal Officer Paul Grewal highlighted letters Relationship between the Federal Deposit Insurance Corporation (FDIC) and affiliated banks. It recommends intentional debanking Cryptocurrency Company.
However, after 17 months of SEC scrutiny, Reed expressed confidence in Binance.US’s compliance record. Notably, the review included extensive depositions and document requests.
“Now that we have survived, our goal is to help cryptocurrencies thrive and give all Americans the freedom of choice,” he said.
Binance Global remains cautious
Going forward, Binance.US is working on new partnerships to expand custody services and wallet Resolution and restoration of legal capacity. The move could reinvigorate the exchange’s user base and restore U.S. investor confidence.
Although Binance.US is planning to resume USD services, Binance’s global operations remain cautious about re-entering the U.S. market. Binance CEO Richard Teng recently called such discussions “premature” in an interview with Bloomberg.
Teng noted that Binance’s main focus is global expansion and attracting institutional investors, sovereign wealth funds and high-net-worth individuals into the cryptocurrency space.
“I think it’s premature to discuss whether we’re re-entering the U.S. market,” he said.
These comments are as follows Binance settles for $4.3 billion Contact the Department of Justice (DoJ) regarding allegations of sanctions violations, money launderingand operating as an unlicensed money transmitter. Despite the challenges, Teng reiterated the company’s commitment to compliance.
“I believe compliance is the way to go. Given that regulations are going to be clearer around the world, we can invest heavily in compliance. I want to make full compliance a competitive advantage,” he said.
However, broader questions remain about the regulatory environment in the United States and how it affects the future of cryptocurrency companies operating in the country. However, after Donald Trump’s victory, Potential for policy change.
Binance.US’s ability to successfully re-establish USD services could serve as a litmus test for the viability of crypto platforms within the U.S. regulatory landscape.
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