Almost a year and a half afterwards, Binance.US eventually reopened USD deposits and withdrawals, a big step up for the exchange.
In a recent blog post update, Binance.US stated that customers will once more be able to deposit and withdraw USD through bank transfers (ACH). The feature will be available to all worthy customers within the next several days. To go along with this, the website is also returning fee-less ACH transactions, crypto staking, OTC trading, and a feature which enables customers to turn small cryptocurrency balances into usable cash.
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Interim CEO Norman Reed called the move a major milestone. “We are thrilled to restore fiat rails as we gain momentum in the new year,” he said, adding that this moment is one of the most unexpected comebacks for Binance.US since its struggles two years ago.
The exchange halted USD transactions in June last year after the SEC sued Binance and its founder, Changpeng “CZ” Zhao, accusing them of breaking securities laws and mishandling billions in customer funds. By October, Binance.US had stopped accepting USD entirely.
And then in November, the company resolved with U.S. regulators in a record-breaking $4.3 billion agreement, one of the largest in history. Under the agreement, Binance committed to adhering to regulatory requirements.
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Today, with regulations evolving and maybe a shift of government policy later this year, Binance.US is restarting full fiat services, possibly a turning point for crypto in the United States.