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Binance.US, the American arm of the global cryptocurrency exchange Binance, has reinstated US dollar deposit and withdrawal services after nearly a year and a half.
The resumption follows a period of regulatory challenges, including a lawsuit from the US Securities and Exchange Commission (SEC) in June 2023.
Binance.US customers in the United States now have the ability to make deposits and withdrawals in US dollars through bank transfers (ACH).
The exchange’s announcement on February 19 highlighted that users can link a bank account, purchase cryptocurrencies via bank transfer, and trade on USD pairs. The company indicated that these services would be gradually made available to all eligible customers in the near future.
The SEC’s legal action against Binance in 2023 accused the company and its founder, Changpeng "CZ" Zhao, of failing to properly register Binance.US as an exchange and of misappropriating billions in user funds.
Following the lawsuit, Binance.US ceased support for US dollar transactions, and in October 2023, updated its terms of service to reflect a transition towards operating as a "crypto-only exchange."
However, Binance faced further legal issues in November 2023, when it was charged with violating Anti-Money Laundering laws and agreed to pay a $4.3 billion settlement, one of the largest criminal fines to date.
The settlement with the Treasury Department included stipulations for Binance to undertake significant compliance measures and to withdraw its operations completely from the United States.
The recent developments and the return of USD services on Binance.US signal a potential shift in the exchange’s strategy and its efforts to comply with regulatory standards within the United States.
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