Binance.US has announced the resumption of USD services, enabling eligible customers to deposit and withdraw USD via bank transfers starting February 19, 2025. This development marks a significant milestone for the cryptocurrency exchange, which has faced considerable regulatory hurdles in recent years.
In June 2023, the Securities and Exchange Commission filed a lawsuit against Binance.US, alleging violations of securities laws, including the offering of unregistered investment products and engagement in anti-fraud practices. This legal action led to the suspension of USD deposits and withdrawals on the platform, severely impacting its operations and customer base.
Interim CEO Norman Reed has been vocal about the challenges posed by regulatory pressures. In a December 2024 letter to the community, Reed emphasized the company’s commitment to restoring USD services, stating, “With 2025 approaching, our number one priority remains providing our community with the best experience and resources in crypto. To that end, we are focused on restoring USD services, so that users can easily move money into and out of Binance.US.”
The path to resuming USD services has been fraught with obstacles. Following the SEC’s lawsuit, Binance.US experienced a significant outflow of funds and customers, leading to a 70% reduction in its workforce. The company also faced the revocation of its money transmitter licenses in seven states due to non-compliance with regulatory requirements.
Despite these setbacks, Binance.US has been actively working to rebuild its infrastructure and restore customer trust. The company has engaged in extensive legal proceedings, providing numerous depositions and fulfilling hundreds of document requests. Reed noted, “Over the past 17 months, Binance.US has engaged in the discovery process, giving hours of depositions and fulfilling hundreds of document requests. Tellingly, the SEC has not presented any evidence of wrongdoing to date despite maintaining a careful watch over the company.”
In a strategic move to address ongoing legal challenges, Binance and the SEC filed a joint motion in February 2025, requesting a 60-day pause in their legal case. This pause aims to allow the SEC’s newly formed crypto task force to influence the outcome of the case, potentially facilitating a resolution.
The resumption of USD services is expected to have a positive impact on Binance.US’s user base and the broader cryptocurrency market in the United States. By restoring these services, the platform aims to attract new users and regain the confidence of existing customers. Reed expressed optimism about the future, stating, “I strongly believe that 2025 will be a breakout year for Binance.US, and our teams are hard at work building a comeback story for the ages.”
In addition to reinstating USD services, Binance.US plans to expand its product offerings in the coming months. The platform currently supports 160 cryptocurrencies and offers staking for over 20 different assets, positioning itself as a competitive player in the U.S. crypto market.
Arabian Post – Crypto News Network
