Binance.US Resumes USD Services as SEC Becomes Crypto-Friendly

Binance.US, the United States affiliate of the leading crypto exchange Binance, has officially reinstated USD deposit and withdrawal services after a long suspension due to regulatory challenges. The decision follows a shift in the U.S. Securities and Exchange Commission’s (SEC) stance toward a more crypto-friendly approach.

Why Did Binance.US Halt USD Services?

In mid-2023, Binance.US was forced to stop supporting USD deposits and withdrawals while facing increasing pressure from U.S. regulators. At the time, the SEC sued Binance co-founder and former CEO Changpeng Zhao (CZ) and the global crypto exchange, accusing them of offering unregistered securities. The lawsuit caused banking partners to cut ties with Binance.US, making it impossible for users to transact in USD.

At the same time, Binance.US was already under heavy regulatory scrutiny, and things got even worse when CZ faced additional legal troubles. The U.S. Department of Justice and the Treasury Department charged him with violating sanctions and anti-money laundering laws. The Binance co-founder pleaded guilty and served a four-month prison sentence early last year. These legal troubles only intensified the pressure on Binance.US and raised concerns.

After suspending the USD services, Binance.US shifted to a crypto-only platform, meaning users could only trade and withdraw crypto assets. The U.S.-based exchange added that the Federal Deposit Insurance Corporation (FDIC) did not insure customer USD balances, sparking concerns about fund security.

Binance.US Restores USD Services

With the SEC now easing its stance, Binance.US has brought back USD services, allowing eligible users to deposit and withdraw funds via ACH bank transfers. The platform has also reinstated 10 USD trading pairs, including BTC/USD, ETH/USD, and BNB/USD. Other features, such as recurring crypto purchases (auto-buy) and instant USD-to-crypto conversions, are now available.

Restoring USD services is expected to help rebuild trust in Binance.US and attract more users. With more straightforward regulations on the horizon, the crypto exchange is positioning itself for growth in the U.S. crypto market.