Binance.US Restores USD Deposit & Withdrawal Services for US Customers

USD Transactions Return to Binance.US

Binance.US officially announced the return of its USD banking services on February 19, 2025. The rollout, which includes bank deposits and withdrawals via Automated Clearing House (ACH) transfers, will be gradually extended to all eligible users in the coming days.

With this update, customers can once again link their bank accounts, deposit USD, and purchase cryptocurrencies directly. Binance.US also confirmed that it is reintroducing trading pairs for USD, starting with 10 major assets, including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB). The exchange plans to expand this list in the near future.

The decision to reinstate fiat services reflects a shift in Binance.US’s regulatory position, as it seeks to reestablish itself in the competitive U.S. crypto market.

Regulatory Challenges and the 2023 Suspension

Binance.US initially suspended USD deposits and withdrawals in June 2023 due to mounting regulatory pressure. The U.S. Securities and Exchange Commission (SEC) had sued Binance and its founder, Changpeng “CZ” Zhao, alleging that the company operated illegally by offering unregistered securities and mishandling user funds.

In response to the lawsuit, Binance.US transitioned to a crypto-only model, disabling fiat services and significantly restricting its offerings.

Further complicating the situation, Binance reached a historic $4.3 billion settlement in November 2023 for violations of anti-money laundering laws. As part of the agreement, CZ stepped down as CEO, and Binance was required to overhaul its compliance operations.

Regulatory Improvements and Strategic Resurgence

Binance.US’s decision to reinstate USD transactions suggests that the company is making headway in addressing regulatory concerns. Earlier this month, Binance and the SEC filed a joint motion requesting a 60-day pause in legal proceedings, hinting at potential settlement discussions. The court approved the request, indicating that negotiations may be progressing in a constructive direction.

Under new CEO Richard Teng, Binance has focused on strengthening its regulatory compliance, a move that appears to be paying off. The return of USD banking services signals that the exchange is regaining stability after a turbulent period.

Impact on the Crypto Industry

The reintroduction of USD services at Binance.US carries significant implications for the broader crypto market:

• Better User Experience: U.S. customers can now deposit and withdraw funds directly, avoiding reliance on third-party payment solutions.

• Increased Market Competitiveness: Binance.US is now in a stronger position to compete with platforms like Coinbase and Kraken, which continued offering USD transactions.

• Regulatory Precedent: Binance.US’s ability to resume banking services suggests that crypto exchanges can work toward compliance while maintaining operations in the U.S.

Looking Ahead

Binance.US’s return to fiat banking is a significant milestone, demonstrating the exchange’s adaptability and commitment to compliance. While regulatory uncertainties remain, this development suggests a more stable future for Binance’s U.S. operations.

As the exchange continues to work with regulators, the crypto industry will be watching closely to see how other platforms navigate the evolving legal landscape.