After almost two years of isolation, Binance.us, the American subsidiary of the Binance cryptocurrency giant, today announces the full return of its dollar services. Users can again deposit and remove funds in USD via bank transfer, a crucial advance for a platform which, since 2023, only worked in crypto-only mode, thus losing its entire market share.
A major advance after a period of regulatory uncertainty
After almost 2 years almost without any activity, Binance.us, the American subsidiary of the giant of the cryptocurrencies Binance, announced the complete restoration of its services in dollars from today. More specifically, users will be able to deposit and withdraw funds in USD again via bank transfer, marking a key step in the recovery of the platform which has lost all its market share.
Indeed, since June 2023, Binance.us operated as a platform crypto-only,, constraint to stop your services in fiduciary currency after prosecution initiated by the Securities and Exchange Commission (SEC) of Gary Gensler. At the time, Exchange had clearly claimed to be the victim of aggressive pressures of regulators, complicating its relations with partner banking establishments.
✍️ How the dry has deviated from its role to tackle cryptocurrencies
The Crypto Exchange, completely dedicated to the American market (Binance is not allowed to operate there as such), had then mentioned an “ideological campaign” led by the dry.
End of the regulator's crusade, then? Norman Reed, interim CEO of Binance.us, in any case praised this advance:
We were looking forward to this moment. After a period when we had to operate without dollar service, we can finally offer our users a more complete and accessible platform.
This reopening coincides with a clear evolution of the American regulatory landscape attributable to the election of Donald Trump. In addition, since the departure of Gary Gensler, the regulator's approach seems to be oriented towards a more constructive dialogue with the crypto industry, Finally, hoping for a clearer and less repressive framework.
Buy crypto on binance, exchange n ° 1 in the world
A return in force, but a future still uncertain
If Binance.us finds a functional banking infrastructure, the platform remains under surveillance. Its weight on the American market has decreased considerably: formerly in the top trio of American exchanges, Binance.us no longer represents anything on the US market, against 10 % before the case with the dry.
Today, The American crypto market is very largely dominated by Crypto.com and Coinbase On the side of centralized exchanges:
Exchange has also crossed internal turbulence. His ex-CEO Brian Shroder left the company in September 2023, while 70 % of the staff was dismissed to face the decline in his activity.
In addition, Binance and its founder, Changpeng Zhao, concluded an agreement with the US Ministry of Justice, leading to a record fine of $ 4.3 billion and from CZ, which served a prison sentence of 4 month. Although the latter wished to be detached from the evolution of Binance, its connections persist.
📝 In similar news – FTX's reimbursement begins today: what impact for the Crypto market?
Despite these challenges, the resumption of dollar services could give Binance.us a more competitive position on the American market, faced with competition that has benefited from its absence. The cryptocurrency exchange platform plans to gradually deploy its services to all its eligible users in the days to comeby emphasizing reinforced regulatory compliance.
Among the features offered in US dollar which are back on Binance.us, some of them should clearly restore force to the Exchange, including the USD / Crypto instant conversions, the return of major trading pairs (BTC / USD, DOGE/USD, SOL/USD, ETH/USD, etc.) or the Dollar Cost Averaging.
Open an account on N26, the crypto-friendly bank
Source: press release
The crypto newsletter n ° 1 🍞
Receive a summary of crypto news every day by email 👌
Certain links present in this article may be affiliated. This means that if you buy a product or register on a site from this article, our partner gives us a commission.
Investments in cryptocurrencies are risky. There is no guaranteed high yield, a product with high performance potential implies a high risk. This risk taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital
As an editor -in -chief of cryptoast, I agree to make the world of cryptocurrencies and the web3 accessible to all. Expert in the identification of the most relevant news, I attach great importance to the quality of the articles produced by cryptoast. I make sure that our readers benefit from reliable information, verified and presented clearly and pleasant to read. My goal is to share quality knowledge to better inform and educate our audience about this constantly evolving universe.
MAXIMILIEN PRUDE
1360 articles
