In an exciting turn of events, Binance.US has announced its intention to resume USD services in early 2025, anticipating favorable changes in U.S. cryptocurrency regulations. The exchange had previously suspended its fiat operations in 2023 due to mounting regulatory pressures and allegations from the Securities and Exchange Commission (SEC).
Interim CEO Norman Reed highlighted the significant impact of the current SEC administration on American consumers and the crypto industry, including Binance.US. He expressed these concerns publicly, underscoring the need for regulatory reform to foster innovation and growth in the financial sector.
SEC’s Regulatory Assault
In June 2023, the SEC accused Binance.US of violating securities laws, alleging that the company offered unregistered investment products and engaged in anti-fraud practices. Since then, the platform has faced restricted banking access, following the suspension of dollar deposits and withdrawals triggered by the SEC’s civil claims.
Reed pointed out that a key element of this regulatory challenge was a targeted initiative by the outgoing administration to unjustly limit cryptocurrency and fintech businesses’ access to essential banking services. He argued that such resistance to innovation by the SEC has stifled the potential of the U.S. financial system and prevented many Americans from reaping the benefits of blockchain technology.
Going Ahead With Optimism
Despite the ongoing legal battles with the SEC, Norman Reed remains optimistic. He emphasized that after 17 months of compliance, the SEC has yet to provide substantial evidence of any wrongdoing. Looking towards the future, Reed is hopeful about the nomination of Paul Atkins as the next SEC Chair, foreseeing a clearer regulatory framework for digital assets in the U.S.
As Binance.US gears up for the return of USD services, the platform is planning to introduce new features and expand its product lineup in the coming months. “While I can’t provide a definitive launch date yet, let me be clear: It is not a matter of if, but when,” Reed stated. He added, “We are closer than ever to restoring USD services, and our plan is to achieve this important milestone in early 2025.”
Reed also emphasized the platform’s unique offerings, such as 0% fee Bitcoin trading on BTC/USDC—an option not available on any other major U.S. crypto platform. Moreover, Binance.US supports 160 cryptocurrencies and offers staking for over 20 assets, providing more options than any other major on-chain staking platform in the U.S.
He strongly believes that 2025 will mark a breakout year for Binance.US, with dedicated teams working tirelessly to craft a compelling comeback story.
