Binance.US aims to restore its USD services in early 2025, according to a statement shared with Decrypt. This marks the exchange’s first major operational shift as regulatory pressure forced the exchange to suspend fiat trading last year. The platform has operated under restricted banking access since June 2023, when SEC civil claims triggered a suspension of dollar deposits and withdrawals.
Interim CEO Norman Reed said in the statement, “It is not a matter of if, but when.” Binance.US functions as a separate entity from Binance, the global crypto exchange, operating under BAM Trading Services to comply with U.S. regulations. Despite the regulatory overhang, the exchange says it has maintained steady operations, even as the company faced multiple probes over compliance and alleged financial misconduct.
Looking ahead, the executive said their exchange is working on new partnerships to expand its custody services and wallet solutions alongside the planned fiat services restoration, which he said was the “top-requested and most anticipated” feature.
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