Binance.US has officially reinstated U.S. dollar services for eligible customers, according to an announcement on its website.
The move follows an 18-month period where the exchange operated solely as a crypto platform.
However, in an announcement on Wednesday, the exchange stated that users can now deposit and withdraw USD through bank transfers, including ACH transactions. The feature will roll out gradually to all eligible customers in the coming days.
Regulatory Challenges and Service Disruptions
Binance.US halted fiat transactions in 2023 due to heightened scrutiny from regulators. The platform disconnected from U.S. banking institutions after the Securities and Exchange Commission (SEC) filed a lawsuit against the exchange, its global affiliate, and co-founder Changpeng Zhao.
The lawsuit accused Binance of operating as an unregistered securities exchange and offering products that allegedly violated SEC regulations.
Meanwhile, the regulatory landscape shifted following the departure of former SEC Chair Gary Gensler.
Acting SEC Chair Mark Uyeda has indicated a more collaborative approach toward cryptocurrency regulations. Under his leadership, the SEC has paused the litigation against Binance.
Moreover, a newly established SEC task force led by Commissioner Hester Peirce is reassessing regulatory enforcement strategies in the crypto sector.
Expanded Services and Trading Features
With USD services restored, Binance.US customers can now trade digital assets using fiat currency. Users can buy and sell crypto with USD through bank transfers, convert funds between USD and crypto, and access USD trading pairs.
The platform has also reintroduced an “Auto-Buy” feature, allowing customers to schedule purchases on a recurring basis.
Beyond fiat transactions, Binance.US has enhanced its trading functionalities. The platform now supports over-the-counter (OTC) trading for orders exceeding $10,000.
Additionally, institutional services have returned, providing trading solutions for firms, asset managers, and other market participants. Advanced users can access various APIs to automate trading strategies.
Legal Developments and SEC Case Pause
In related news, the SEC lawsuit against Binance temporarily halted after a federal judge in Washington, D.C., approved a 60-day stay. The decision came after both parties requested time to assess the findings of the SEC’s newly formed crypto regulatory task force.
The lawsuit, filed in June 2023, alleged that Binance engaged in deceptive practices, including inflating trading volumes and misusing customer funds.
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