Binance US announces the Reinstatement of USD Services for US customers

Binance US has announced the resumption of its USD services, marking a significant milestone after a prolonged period of restricted banking access.

This development will enable eligible users to deposit, withdraw, and trade cryptocurrencies using USD pairs via bank transfer. This move marks a significant development after a nearly two-year hiatus, during which the platform operated primarily as a crypto-only exchange due to regulatory pressure.

The reinstatement of USD services follows a lawsuit filed by the US Securities and Exchange Commission (SEC) in June 2023, accusing Binance US of violating securities laws. However, with the recent shift in regulatory approach, Binance US has been working to resolve the issues and revive its USD services.

Binance US had previously cautioned users that its banking partners would soon discontinue USD withdrawal services. In preparation, the exchange advised users to convert their USD fiat balances to stablecoins, enabling them to continue crypto-to-crypto trading on the platform.

Binance US Expands its Offerings

This development is part of Binance US’s broader efforts to expand its offerings and enhance user experience, demonstrating the company’s commitment to providing a reliable and comprehensive trading platform and providing American investors with more choices, ultimately offering a reliable trading experience.

Binance CEO Richard Teng expressed optimism about the shift towards a more inclusive approach to crypto regulations under the current administration. While acknowledging that Binance US is considering a comeback, Teng stressed the need for regulatory clarity before making any decisions.

New Trading Options

With the reinstatement of these USD services, the exchange will initially support ten pairs, such as BTC/USD, ETH/USD, SOL/USD, and ADA/USD. The exchange will add more pairs over time.

Users will enjoy recurring buys, large order placement through the OTC trading portal, and instant conversions between USD and cryptocurrencies.

The pro-crypto stance of Donald Trump’s administration has brought about positive regulatory changes in the crypto market. A US federal judge recently paused the SEC’s lawsuit against Binance for 60 days, allowing time for a new task force to review crypto regulations. This move is particularly noteworthy, given the SEC’s ongoing reassessment of its regulatory approach under the guidance of crypto-friendly Commissioner Hester Peirce.