Binance.US Plans to Resume USD Services by Early 2025

Binance SEC

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

About Author

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Author Profile

Share

Copied

Last updated: 

December 18, 2024

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Binance.US plans to restore USD services by early 2025, pointing to a brighter future for digital assets in the US.

Interim CEO Norman Reed stated on Wednesday that the current SEC administration has caused significant harm to American consumers and the crypto industry, including Binance.US.

In June 2023, the SEC accused the subsidiary of violating securities laws. It alleged the company offered unregistered investment products and engaged in anti-fraud practices.

The US arm, operating independently from Binance.com since 2019, later lost its money transmitter license in seven states. These states revoked the licenses because the company failed to meet requirements and protect citizens from illegal activities.

Binance.US CEO Highlights Lack of Evidence in SEC Investigation After 17 Months

In November 2023, Binance and former CEO Changpeng Zhao reached a settlement with the US Department of Justice. They admitted to money laundering charges.

As a result, the company was fined. Zhao also resigned as CEO.

These legal challenges forced swift action, prompting the US arm to suspend USD deposits in early June 2023 after the SEC sought a court order to freeze its assets. By July 2023, Binance.US had shifted to a crypto-only platform, stopping USD withdrawals and trading. The company urged users to convert USD into stablecoins like USDT to continue crypto-to-crypto trading.

Reed said that over the past 17 months, Binance.US has engaged in the discovery process, giving hours of depositions and fulfilling hundreds of document requests.

“Tellingly, the SEC has not presented any evidence of wrongdoing to date despite maintaining a careful watch over the company,” he added.

Binance.US Anticipates Regulatory Clarity and a Strong Comeback in 2025

Reed stated that Binance.US looks forward to a clear regulatory framework for digital assets in the US. He hopes that SEC chair nominee Paul Atkins will help drive the industry toward this goal.

As USD services prepare for a return, Binance.US plans to launch new features in the coming months and expand its product lineup.

“I strongly believe that 2025 will be a breakout year for Binance.US, and our teams are hard at work building a comeback story for the ages,” Reed said.