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After nearly 18 months of restrictions, Binance.US has finally reopened the US dollar deposit and withdrawal function. On February 19, the company announced that US users can once again deposit and withdraw US dollars through bank transfers (ACH). This news undoubtedly brings great convenience to users.
Now, users can bind their bank accounts with Binance.US accounts, easily complete US dollar deposit and withdrawal operations, and can also purchase cryptocurrencies through bank transfers and trade on US dollar trading pairs. This service will be gradually opened to all eligible users in the next few days.
Why did Binance.US suspend USD deposits and withdrawals?
With the resumption of USD services, Binance.US users can now relink their US bank accounts to the platform and buy and sell cryptocurrencies directly using bank transfers. Currently, there are 10 cryptocurrencies that support direct USD trading, including Bitcoin (BTC), Stellar (XLM), Solana (SOL), Ethereum (ETH), Dogecoin (DOGE), Hedera (HBAR), Shiba Inu Coin (SHIB), Cardano (ADA), Sui (SUI) and Binance Coin (BNB).
However, looking back, Binance.US’s USD deposit and withdrawal services were forced to suspend due to regulatory pressure. In June 2023, the U.S. Securities and Exchange Commission (SEC) sued Binance.US, accusing it of operating an “unregistered securities exchange”, which caused its banking partners to stop USD trading support.
Faced with this situation, in order to protect the interests of users, Binance.US had to switch to a model that only supports cryptocurrency trading and suspended USD-related services. On February 14, Binance.US said in a statement: “We jointly filed a motion with the SEC to suspend the lawsuit for 60 days, and the court has approved this request. We hope that this suspension will provide Acting Chairman Uyeda and the newly formed Crypto Working Group with an opportunity to engage in constructive dialogue with Binance.US and promote the rapid resolution of the case.”
Although the platform’s cryptocurrency trading and other functions continue to operate during this period, users cannot directly deposit and withdraw US dollars until a new bank partner that meets regulatory requirements is found.
Behind the resumption of US dollar services: changes in the regulatory environment
Now, Binance.US has restarted its US dollar deposit and withdrawal services, which is likely to benefit from the recent changes in the US’s cryptocurrency-friendly regulatory policies. Although the platform still faces regulatory challenges in other regions, the resumption of core services in the US market has undoubtedly injected a shot in the arm for it.
At present, Coinbase and Kraken are still the two largest cryptocurrency exchanges in the United States. However, with the resumption of US dollar services, Binance.US is expected to regain market share and may even challenge Coinbase’s dominance.
For users, this not only means a more convenient operating experience, but also marks an important step for Binance.US on the road to compliance. In the future, whether this exchange can achieve greater breakthroughs in the US market is worth waiting for!
