Binance.US, the US-based affiliate of global cryptocurrency exchange Binance, has resumed US dollar deposits and withdrawals following nearly 18 months of restrictions, citing regulatory clarity.
US dollar services are back on Binance.US for US customers, including deposits and withdrawals via bank transfer (ACH), according to a Feb. 19 announcement from Binance.
“This means you can deposit and withdraw USD by linking a bank account, buy crypto via bank transfer (ACH), and enjoy trading on USD pairs,” the company stated.
The services will “gradually roll out to all eligible customers in the coming days,” the announcement added.
List of US dollar services. Source: Binance
In June 2023, the US Securities and Exchange Commission (SEC) sued Binance, accusing the firm of failing to register Binance.US as an exchange. Binance.US suspended US dollar deposits shortly after the lawsuit was filed.
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Binance’s legal battle with the SEC
In 2023, the SEC filed a lawsuit against Binance and its founder, Changpeng “CZ” Zhao, alleging the misappropriation of billions in user funds and regulatory violations.
The lawsuit also claimed that Binance failed to register its Binance.com platform and its US entities, Binance BAM Trading, as an exchange or a broker-dealer clearing agency. CZ was sued as a “controlling person.”
On June 9, Binance.US announced that it was forced to take action amid “extremely aggressive and intimidating tactics” from the SEC.
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In October 2023, Binance.US updated its terms of service, stating that the exchange would no longer support USD. The exchange said it wanted to transform into a “crypto-only exchange” in June 2023.
In November 2023, Binance was charged with violating Anti-Money Laundering laws and settled to pay one of the most significant criminal fines in history worth $4.3 billion.
At the time, the Treasury Department said that Binance would have to ensure significant compliance undertakings, including “Binance’s complete exit from the United States.”
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