Binance.US restores fiat deposits and withdrawals for the first time since 2023

Binance.US is restoring U.S. dollar deposits and withdrawals for the first time in almost two years, according to a blog post.Access to zero-fee deposits and withdrawals via ACH bank transfers begins on Wednesday and will gradually roll out to all eligible customers over the coming days, Binance.US said in a statement shared with The Block.Fiat deposits and withdrawals were suspended on the crypto exchange giant’s U.S. platform in June 2023, just days after the Securities and Exchange Commission sued Binance, Binance.US and co-founder Changpeng Zhao for charges including violations of securities laws."We are thrilled to restore fiat rails as we accelerate with increased momentum in the new year," Binance.US Interim CEO Norman Reed said. "This marks one of the most important chapters for Binance.US since July 2023, when we were forced to begin operating as a crypto-only platform. We have been looking forward to the day that we would be able to offer full USD services again.”Binance.US emerging from challenging timesDespite claiming it had made "significant efforts" to cooperate with an SEC investigation since December 2020, the agency’s subsequent lawsuit “created challenges for the banks with whom we work,” Binance said at the time.That left Binance.US as a crypto-only exchange in the interim, with its market share nosediving despite still offering access to over 160 cryptocurrencies. Binance.US once had a market share by U.S. dollar supporting exchange volume of around 10%, which has been reduced to just 0.1% as of January, according to The Block’s data dashboard.In September 2023, Binance.US President and CEO Brian Shroder left the company amid the uncertainty and declining business, with the firm also cutting one-third of its staff. While the SEC’s case against Binance is still ongoing, a Washington D.C. district judge allowed the parties to stay their legal dispute on Feb. 13 for 60 days. Binance and the SEC had earlier asked the court to pause the case, citing the agency's new crypto task force aimed at creating a clear regulatory framework for cryptocurrencies — in stark contrast to the regulation-by-enforcement approach of its former Chair Gary Gensler. "The work of this task force may impact and facilitate the potential resolution of this case," the document said."As a licensed and regulated U.S. crypto exchange with a deep commitment to compliance and customer protection, the relaunch of USD services gives customers a safe, reliable and convenient way to transfer funds and access crypto," Binance.US General Counsel Dan Wong said on Wednesday.In an interview with Bloomberg at Consensus in Hong Kong on Wednesday, Binance CEO Richard Teng said the crypto industry has a "fresh reset and a restart" under the new pro-crypto Trump administration. However, the firm is still waiting for more clarity from the U.S. before it decides on future plans, he added.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.