Binance.US now accepts USD for US customers. This is a big change after operating exclusively as a cryptocurrency platform.
Exchange announced Feb. 19, that users now can deposit and withdraw US dollars via bank transfer (ACH) without paying fees.
Fiat Services will be rolled out to eligible customers today. In addition, the trading, conversion, and access to over 160 cryptocurrencies are still available.
Binance.US interim chief executive Norman Reed called the event a milestone and highlighted the challenges Binance.US had faced ever since they suspended USD transactions mid-way through 2023.
Reed, According to:
“We are thrilled to restore fiat rails as we accelerate with increased momentum in the new year. 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.”
Legal issues
Binance.US faced major regulatory issues over the past 12 months after US Securities and Exchange Commission accusing the platform of breaking securities laws.
It led to the dissolution of banking partnerships, disruptions in USD services, as well as forcing the suspension of deposits and repeat buy orders. Binance.US responded by delisting USD trading pairs, and advising customers to convert USD holdings into stablecoins.
The exchange continued to offer crypto trading services and stakes despite these interruptions.
This has affected its presence on the market. According to Kaiko data, Binance.US’s market share in the US has been under 1% for most of the past year—below its over 20% peak in 2022.
The crypto taskforce, created by the Commission after the recent leadership change, could be the catalyst for a major turnaround in the fortunes of the exchange.
As a result, Binance.US and the SEC requested a 60-day pause for their ongoing lawsuit—a Washington D.C. district judge recently approved this demand.
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