Binance.US, the U.S. branch of the global Cryptocurrency exchange Binance, is expected to restore U.S. dollar services early next year, according to Norman Reed, Interim CEO.
Binance.US is now 'closer than ever' to restoring USD services and aims to achieve this milestone by early 2025, Reed said in a blog post on December 18.
'Alongside the return of USD, we are committed to strengthening our reputation as the best Cryptocurrency platform with low fees and high rewards,' he added.
Reed's remarks came just days after Binance CEO Richard Teng said it was too early to discuss whether the exchange could reestablish itself in the U.S. in an interview on Bloomberg TV on December 9.
'2025 will be a breakthrough year for Binance.US'
In addition to Reed's positive sentiment about Binance.US's journey, the company expects to introduce new releases in the coming months as it continues to expand its products.
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'We are leveraging new and influential partnerships to enhance the exchange infrastructure with expanded hosting services, new wallet solutions, and other benefits,' Reed noted, adding:
'I firmly believe that 2025 will be a breakthrough year for Binance.US, and our team is working hard to build a magnificent comeback story. I invite everyone to join us in taking Binance.US to new heights...'
Additionally, the interim director mentioned that Binance.US is committed to strengthening its reputation as the 'best Cryptocurrency platform with low fees and high rewards.'
Norman Reed, Interim CEO of Binance.US. Source: LinkedIn
'We continue to offer unbeatable features like trading Bitcoin with 0% fees on BTC/USDC,' he wrote, adding that the exchange supports trading of 160 types of Cryptocurrencies and staking for over 20 Cryptocurrency assets.
What happened to Binance.US?
Binance.US was launched in 2019 to provide regulated Cryptocurrency trading services to U.S. residents.
In June 2023, the U.S. Securities and Exchange Commission sued Binance, accusing the company of failing to register Binance.US as an exchange.
Binance.US claims it could return to the U.S. by early 2025. Source: Binance.US
Subsequently, Binance.US suspended USD deposits just a few days after the lawsuit was filed but found a temporary solution for USD deposits.
In October 2023, Binance.US updated its terms of service, stating that the exchange would no longer support USD. The exchange had previously indicated it wanted to transition to a 'Cryptocurrency-only exchange' in June 2023.
In November 2023, Binance reached a $4.3 million settlement with the U.S. government over sanctions violations, money laundering, and operating as an unlicensed money transfer service.
At that time, the Treasury Department stated that Binance would have to ensure key compliance commitments, including 'the complete withdrawal of Binance from the U.S.'
