Binance US Restores US Dollar Transactions After More Than a Year of Discontinuing Support
Key Points:
- Binance US has reinstated US dollar deposits and withdrawals after suspending fiat services in 2023 due to regulatory challenges.
- The SEC sued Binance in June 2023, leading to operational restrictions.
- Recently, Binance and the SEC requested a 60-day pause on the lawsuit amid evolving regulatory oversight.
Binance US, the American affiliate of the global cryptocurrency exchange Binance, has reinstated US dollar deposits and withdrawals after suspending fiat transactions in 2023 due to regulatory pressures.
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Binance US Restores Dollar Transactions After 2023 Suspension
In a statement on February 19, Binance US announced that users could once again deposit and withdraw US dollars via bank transfers (ACH), signalling a renewed effort to stabilize its operations in the United States.
The exchange, which operates separately from Binance under BAM Trading Services, had halted fiat trading amid legal challenges from the US Securities and Exchange Commission (SEC).
The SEC filed a lawsuit against Binance in June 2023, alleging that the company had failed to properly register Binance US as a securities exchange.
The legal action led Binance US to suspend dollar deposits shortly afterwards, further intensifying regulatory scrutiny. The exchange has since faced operational limitations, particularly regarding banking partnerships.
Potential Regulatory Shift Sparks Optimism in Crypto Industry
Despite these setbacks, Binance US has continued offering cryptocurrency trading services, supporting more than 160 digital assets and providing staking options for over 20 tokens.
Meanwhile, in a recent legal development, Binance and the SEC have jointly requested a federal judge to pause the regulator’s lawsuit against the exchange for 60 days. The request comes after the SEC established a new task force dedicated to cryptocurrency oversight.
Additionally, Acting SEC Chairman Mark Uyeda has criticized previous regulatory approaches, stating that past enforcement actions have created a restrictive environment for crypto businesses. Uyeda has suggested that the SEC, under a different administration, could adopt a more supportive stance.
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