Binance.US restores USD access, aims for market resurgence amid SEC’s legal troubles

Binance.US has reinstated USD deposits and withdrawals for its US customers, marking a significant shift after months of operating as a crypto-only platform.

The exchange announced on Feb. 19 that users can now deposit and withdraw US dollars without fees via bank transfers (ACH).

The firm stated that the fiat services rollout begins today and will gradually expand to all eligible users. Additionally, trading, converting, and accessing over 160 cryptocurrencies remain available.

Binance.US interim CEO Norman Reed described the development as a key milestone, emphasizing the challenges Binance.US faced since suspending USD transactions in mid-2023.

According to Reed:

“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 challenges

Over the past year, Binance.US encountered significant regulatory challenges after the US Securities and Exchange Commission (SEC) accused the platform of breaching securities laws.

This led to banking partners severing ties, disrupting USD services, and forcing the exchange to suspend deposits and recurring buy orders. In response, Binance.US delisted USD trading pairs and advised customers to convert their holdings into stablecoins.

Despite these disruptions, the exchange maintained its crypto trading and staking services.

However, these challenges significantly affected its market presence. 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.

Meanwhile, the exchange fortunes might be about to experience a significant turnaround thanks to the leadership changes at the Commission, which introduced a crypto task force.

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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