Binance.US Restores USD Services After 19-Month Drought

Binance.US says it has resumed accepting U.S. dollar deposits and withdrawals.

Customers on the cryptocurrency platform can now withdraw and deposit USD via ACH bank transfers, Binance.US announced Wednesday (Feb. 20), a little more than 19 months after the company suspended dollar transactions.

“We are thrilled to restore fiat rails as we accelerate with increased momentum in the new year,” Norman Reed, interim CEO of Binance.US, said in a news release.

“This marks one of the most important chapters for Binance.US since July 2023, when we were forced to begin operating as a crypto-only platform. We have been looking forward to the day that we would be able to offer full USD services again. Today’s news would not be possible without the incredible work of our team, who have been tirelessly committed to re-enabling this important function, and our customers for remaining supportive.”

Binance.US — an entity launched by crypto giant Binance to service U.S. customers in 2019 — announced in June of 2023 that it would suspend U.S. dollar deposits and withdrawals. Instead, the company said it would function as a “crypto-only exchange,” with crypto-denominated trading, deposits, withdrawals and “staking” remaining fully operational.

This came after the U.S. Securities and Exchange Commission (SEC) took legal action against Binance, its founder and CEO Changpeng Zhao, and the operator of its U.S. exchange.

That case alleged the company had artificially inflated its trading volumes, diverted customer funds, failed to keep U.S. customers off its platform and misled investors about its market surveillance controls.

Binance.US had called the SEC’s actions “extremely aggressive” and said the SEC’s efforts to freeze Binance’s U.S. assets were “unwarranted.”

Since then, a lot has changed with both Binance and the cryptocurrency landscape. Zhao stepped down from the company, which ended up settling with the U.S. government for more than $4 billion.

And America has since elected a more crypto-friendly president, with a number of exchanges once again embracing the U.S. after saying the country’s regulatory environment had grown too harsh under the Biden administration.

“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,” Dan Wong, general counsel for Binance.US., said in the Wednesday release.