After a prolonged interruption, Binance US has resumed US dollar transactions, allowing American users to make seamless deposits and withdrawals. This move, announced on February 19, 2025, follows a lengthy hiatus caused by legal challenges from the US Securities and Exchange Commission (SEC).
Now users may trade USD pairs, link their bank accounts to Binance US, and deposit and withdraw money using Automated Clearing House (ACH) transactions. These features will be rolled out gradually; all qualified users will have access in the next days.
The Suspense and Its Effects
Legal conflict with the SEC caused Binance US to stop dollar transactions in June 2023. The regulator charged the exchange with not following financial rules and running without appropriate registration. Binance US thus turned its attention to crypto-only transactions, restricting its offers for American consumers.
Targeting Binance’s founder, Changpeng Zhao (CZ), the lawsuit also claimed regulatory violations and misbehavior with user money. Legal pressure on Binance US pushed it to negotiate a convoluted regulatory terrain, which resulted in operational reorganization and service limitations.
A Shifting Legal Environment
The sudden comeback of USD services shows a change in the compliance strategy of Binance US. The exchange agreed in November 2023 to pay a $4.3 billion punishment for breaking anti-money laundering rules. This deal originally called for a complete US market withdrawal, but continuous negotiations with authorities seem to have opened doors for a more ordered conclusion.
The SEC recently suspended legal activities for sixty days, indicating the likelihood of a potential settlement. Since CZ’s departure, Richard Teng has taken over as the CEO of Binance, and the exchange has prioritized regulatory compliance. This change seems to be promoting stability and allowing Binance US to bring back once-limited services.
The Future of Crypto Regulation and Binance US
Resuming USD transactions would mark a significant turning point for Binance US in terms of rebuilding trust and adhering to US financial authorities. Better rules could also benefit the larger crypto market by facilitating more predictable operations for both investors and exchanges.
Despite the unresolved issues at Binance US, this action indicates a growing convergence between authorities and crypto platforms. The company’s fresh dedication to compliance could point to a more steady future for US digital asset trading.
