Binance.US made a pivotal move by restoring its users’ USD deposit and withdrawal services. This development marks the first opportunity since June 2023 for U.S. customers to engage in fiat transactions on the platform. Following the return of these services, Binance.US aims to bridge the gap between traditional banking and digital asset trading. Resulting in users getting more financial freedom and a smoother trading experience.
The Securities and Exchange Commission (SEC) of the United States launched a lawsuit against Binance.US in June 2023. The SEC based the matter on securities breaches. Following this legal action, Binance halted USD deposits and withdrawals, which restricted customers from Bitcoin transactions.
Resumption of USD services
As of February 19, 2025, Binance.US has announced the restoration of USD services, including deposits and withdrawals via bank transfer (ACH). Following this development users will be able to link their bank accounts, deposit and withdraw USD, as well as purchasing cryptocurrencies through bank transfers, and trade on USD pairs. The services will be gradually rolled out to all eligible customers.
Implications for users
The reintroduction of USD services on Binance.US considerably boosts liquidity by enabling users to move funds smoothly between their bank accounts and the exchange. This greater financial flexibility promotes speedier trade activities, ensuring a more efficient and convenient experience. Moreover, the availability of USD trading pairs expands investment options by allowing users to trade more cryptocurrencies directly against the US dollar.
Furthermore, restoring USD deposits and withdrawals through bank transfers makes transactions easier, especially for new users. By expediting the funding process, Binance.US improves accessibility, decreases complexity, and promotes a more user-friendly trading environment.
Regulatory onsiderations
These USD services resumed after a period of regulatory uncertainty. Binance has highlighted its commitment to complying with US regulations. This compliance may have affected the decision to reinstate fiat services. The platform’s ability to manage regulatory constraints will prove critical in retaining and extending its services in the United States market.
Following the restart of US dollar deposits and withdrawals is a welcome development for the platform and its users. By reintroducing fiat services, Binance.US intends to improve its competitiveness in the U.S. crypto industry. Consequently, it maintains its commitment to offering full services to its users. Users are advised to keep updated about future revisions and ensure they fulfill the eligibility requirements for these services.
