Binance.US, a leading cryptocurrency exchange, has made a major announcement that will greatly benefit its US customers. After months of operating solely as a crypto-only platform, Binance.US has reinstated USD deposits and withdrawals for its users. This move signifies a significant shift for the exchange and opens up new opportunities for its customers.
In a press release on Feb. 19, Binance.US revealed that users can now deposit and withdraw US dollars without fees via bank transfers (ACH). This fiat services rollout will begin immediately and gradually expand to all eligible users. In addition, customers will still be able to trade, convert, and access over 160 cryptocurrencies on the platform.
Interim CEO of Binance.US, Norman Reed, expressed his excitement about this development, calling it a key milestone for the exchange. He acknowledged the challenges that Binance.US has faced since suspending USD transactions in mid-2023, but emphasized the importance of being able to offer full USD services once again.
The past year has been particularly challenging for Binance.US, as it has faced legal and regulatory obstacles. The US Securities and Exchange Commission (SEC) accused the platform of violating securities laws, leading to banking partners severing ties and disrupting USD services. This forced Binance.US to suspend deposits and recurring buy orders, as well as delist USD trading pairs.
Despite these setbacks, Binance.US has continued to offer crypto trading and staking services. However, its market presence has been significantly impacted, with its market share in the US falling below 1% for most of the past year. This is a stark contrast to its peak market share of over 20% in 2022.
The fortunes of Binance.US may be on the verge of a significant turnaround, as the SEC has introduced a crypto task force and requested a 60-day pause in the ongoing lawsuit with Binance.US. A Washington D.C. district judge recently approved this request, signaling a potential shift in the legal landscape for the exchange.
Overall, Binance.US’s reinstatement of USD deposits and withdrawals is a positive development for its customers and the cryptocurrency industry as a whole. This move will help restore confidence in the platform and pave the way for future growth and innovation.