Key Notes

Key Notes:

Binance.US has reinstated USD deposits and withdrawals, marking a return to fiat services after a regulatory crackdown forced the exchange to operate as a crypto-only platform.Users can now fund accounts, trade USD pairs, and stake over 20 cryptocurrencies on the platform, including ETH, SOL, and BNB, to earn rewards.Binance.US faced legal trouble in 2023 when the SEC sued the exchange for alleged securities law violations, leading to the suspension of fiat transactions.

Binance.US, the American arm of the world’s largest cryptocurrency exchange, has officially reinstated deposits and withdrawals of the US dollar (USD) on its platform.

On Wednesday, the company announced that starting February 19, all USD features have been restored. However, the rollout will be gradual, with eligible customers gaining access over the coming days.

Once the services are fully reinstalled, customers within eligible States will be able to buy and sell cryptocurrencies using the US dollar, fund their accounts directly with their bank accounts, convert existing tokens to USD, set recurring buys, and even trade USD pairs.

In addition to these services, users can also explore staking their cryptocurrencies to earn additional rewards. The company added support for more than 20 digital assets, including Ethereum ETH $2 769 24h volatility: 5.0% Market cap: $333.82 B Vol. 24h: $18.23 B , Solana SOL $173.2 24h volatility: 3.3% Market cap: $84.70 B Vol. 24h: $2.58 B , Binance Coin BNB $669.6 24h volatility: 4.0% Market cap: $97.75 B Vol. 24h: $1.01 B , and Cardano ADA $0.78 24h volatility: 2.9% Market cap: $27.95 B Vol. 24h: $543.34 M .

The platform also supports over-the-counter (OTC) trading, API-based trading, and institutional services for corporate investors such as market makers, trading firms, asset managers, hedge funds, family offices, and venture capital firms.

To remain competitive, Binance.US is maintaining lower fees and continuing its zero-fee Bitcoin (BTC) trading initiative.

The relaunch of the USD services comes a few weeks after the company’s interim CEO Norman Reed said that the firm is exploring ways to bring back the features in early 2025. The company was one of the leading digital assets trading platforms in the United States, competing alongside Coinbase and Gemini.

However, trouble started in paradise when the US Securities and Exchange Commission (SEC) slapped the exchange with a lawsuit in 2023. At the time, the Commission claimed the exchange, which operates independently from its parent company, Binance, violated federal securities laws.

The regulator accused the company of offering securities without proper authorization from the SEC, raising concerns about investor protection.

As a result, the platform was forced to halt fiat transactions and transition into a crypto-only exchange.

The regulatory challenges escalated to the state level, leading to some of its money transmitter licenses being terminated in seven US States, such as North Dakota, Alaska, Florida, Maine, North Carolina, and Oregon. State authorities justified the license revocation as a necessary measure to protect citizens from potential unlawful financial activities.

In response, Binance.US suspended new user registrations in several states and remained unlicensed in key US markets such as New York and Texas.

After what seemed like a never-ending regulatory battle, Binance.US is back again in the market with fiat deposit capabilities, allowing customers to trade cryptocurrencies with their local currency.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.

Chimamanda U. Martha on X

Marco T. Lanz on X