Binance.US Resumes USD Services After SEC Case Suspension

Key Insights :

• Binance.US restores USD banking services after nearly two years of suspension.
• SEC lawsuit in 2023 forced the crypto exchange to operate as a crypto-only exchange.
• A court-approved SEC case pause enabledthe firm to resume fiat operations.

Binance.US buyers can now transact in US dollars for the first time in almost two years after the service was stopped. On February 19, 2025, the company announced that banking services would gradually be extended to consumers.

This follows the closure of its operations in 2023 after the Securities and Exchange Commission (SEC) case against Binance.US.

Binance.US Resumes USD Transactions After Two-Year Hiatus

The firm confirmed that users could transfer U.S. dollars by linking a bank account. The platform thus provides free depositing and withdrawal from banks using Automated Clearing House bank transfers.

These services will be opened progressively to all the eligible users in the next few days. Norman Reed, the interim CEO ofBinance.US, stated, “We are thrilled to restore fiat rails as we accelerate with increased momentum in the new year.”

He stated this was a significant achievement as the company has worked as a crypto-only site since mid-2023.

Trading in USD pairs has also been restored to the platform. At its initial stage, the exchange will offer 10 trading pairs. This includes BTC/USD, XLM/USD, DOGE/USD, SOL/USD, ETH/USD, ADA/USD, HBAR/USD, SHIB/USD, SUI/USD, and BNB/USD.

Earlier this month, the company added the function of repeated purchases. This means users can set up automatic purchases of digital currencies.

SEC Lawsuit Led to Fiat Suspension in 2023

The crypto exchange suspended USD deposits and withdrawals in June 2023. It did this after the SEC filed a lawsuit against Binance, Binance.US, and its founder, Changpeng Zhao.

This legal action became an issue sustaining banking partnerships forBinance.US. There, the platform was compelled to become a crypto-only provider. This change led to a high reduction in the market share it commanded earlier.

The company, which once held about 10% of the U.S. exchange market, will end up with only 0.1% by January 2025. Amid this, there were leadership changes as well. In September 2023, CEO Brian Shroder resigned, and the firm cut its staff by a third.

SEC Case Temporarily Paused, Allowing Operational Changes

TheSEC case against Binance is still ongoing. However, a Washington D.C. district judge granted a temporary 60-day pause on February 13, 2025. Binance and the SEC had jointly requested the pause, pointing to the agency’s new approach to crypto regulation.

A court document said, “The findings and activities of this task force may be relevant or may help to bring the end to this case.” This has facilitated banking for Binance.US and enabled the company to operate while waiting for further legislation.

This supports the regulatory clarity approach the acting US SEC chair, Mark Uyeda, has taken. He waits for President Trump’s nominee, Paul Atkins, to assume office.

According to Dan Wong, the General Counsel at Binance.US: “The reactivation of the USD services offers customers a licensed, legal, secure and efficient platform for transacting in funds and cryptocurrencies.”

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.