Binance.US Resumes USD Deposits and Withdrawals After 19 Months

Binance.US has officially resumed US dollar (USD) deposits and withdrawals, a critical milestone for the cryptocurrency exchange. Customers may finally utilize ACH bank transfers to shift funds following a 19-month prohibition, the business stated on Wednesday, Feb. 20. This change is a comfort to those who have been restricted to crypto-only transactions since mid-2023.

Norman Reed, interim CEO of Binance.US, expressed excitement over the move, saying, “We are thrilled to restore fiat rails as we accelerate with increased momentum in the New Year.” He stressed the significance of this move, describing it as “one of the most important chapters for Binance.US since July 2023,” when the site switched to a crypto-only strategy. Reed commended the company's personnel and devoted consumers for enabling this success.

USD services were suspended in June 2023 following legal action taken by the US Securities and Exchange Commission (SEC) against Binance, its creator Changpeng Zhao, and its US operator. The SEC accused the business of deceiving investors, exaggerating trading volumes, and mismanaging client cash. Binance.US defended itself, claiming the SEC's measures were “extremely aggressive” and “unwarranted.”

Since then, the crypto environment has shifted dramatically. Zhao stepped down as CEO, and Binance reached an agreement with the US government for more than $4 billion. Furthermore, the election of a more crypto-friendly president has prompted exchanges to re-enter the US market.

Dan Wong, Binance.US's general counsel, emphasized the company's commitment to compliance and customer safety. “The relaunch of USD services gives customers a safe, reliable, and convenient way to transfer funds and access crypto,” according to him.

This development marks a new chapter for Binance.US, which seeks to regain confidence and extend its services in a fast-shifting legal environment. With USD capability restored, the exchange is ready to recruit new customers and improve its position in the competitive crypto market.