Binance.US customers can deposit and withdraw U.S. dollars for the first time since June 2023, marking a significant step in the exchange’s recovery.
Fiat Services Resume on Binance.US
Binance.US has reinstated U.S. dollar deposits and withdrawals, nearly two years after suspending fiat transactions due to regulatory challenges. The exchange announced that access to zero-fee deposits and withdrawals via ACH bank transfers would gradually roll out to eligible customers starting Wednesday.
The pause in fiat services began in June 2023 after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance, Binance.US, and co-founder Changpeng Zhao, alleging violations of securities laws. The legal uncertainty forced Binance.US to operate as a crypto-only platform, causing its market share to plummet.
Navigating Regulatory Challenges
Despite Binance.US’s efforts to cooperate with the SEC since 2020, the lawsuit led to banking partners severing ties with the exchange. This forced the company into a limited operational model, with its market share by USD trading volume shrinking from around 10% to just 0.1% by January 2025.
In September 2023, Binance.US President and CEO Brian Shroder stepped down amid internal struggles, and the company laid off one-third of its workforce. Since then, Binance has sought to restore its position in the U.S. market.
Legal Disputes and Future Plans
The SEC’s case against Binance remains unresolved, but a Washington D.C. district judge granted a 60-day stay in legal proceedings on February 13. Binance and the SEC had jointly requested the pause, citing the formation of a crypto task force that could influence regulatory clarity.
Binance.US General Counsel Dan Wong emphasized the exchange’s compliance-driven approach:
“As a licensed and regulated U.S. crypto exchange with a deep commitment to compliance and customer protection, the relaunch of USD services gives customers a safe, reliable, and convenient way to transfer funds and access crypto.”
Meanwhile, Binance CEO Richard Teng commented on the broader crypto landscape under the new Trump administration, stating that the industry is experiencing a “fresh reset and restart.” However, Binance is awaiting further regulatory clarity before making additional strategic moves in the U.S.
