Binance.US plans to resume USD services in 2025, marking a key step in regaining user trust.
Reed calls fiat services the platform’s most anticipated feature amid regulatory challenges.
Binance.US focuses on custody, wallets, and USD offerings despite past SEC legal pressures.
Binance.US has revealed plans to resume USD services beginning in early 2025. This marks a significant operational change, given that the company has been limited by banking access for some time. This decision was announced in the company’s blog post and can be viewed as a company’s attempt to extend services and regain users’ confidence.
The current acting CEO of the company, Norman Reed, also focused on fiat services, pointing out that they are the most requested and anticipated feature by users. He mentioned that the comeback of USD capabilities is a significant achievement in helping the platform’s users. It also shows the company’s desire to overcome the complex and difficult conditions of the American market.
Binance.US Adapts Regulations
Binance.US functions separately from Binance under the BAM Trading Services to meet US legal requirements. Fiat services were halted in 2023 after the company received legal pressure from the SEC, which accused it of financial wrongdoings. These claims forced dollar-only transactions into suspension of deposits and withdrawals; thus, the exchange functioned with some limitations.
Nevertheless, Binance.US has managed to provide a listing for over 160 cryptocurrencies and let users stake over 20 of these digital assets. Reed said that their staking services are among the best in the market today. This has, in turn, enabled the platform to sustain its user numbers even under pressure from the regulators.
Regulatory Challenges Persist
Reed pointed to what he called “Operation Choke Point 2.0.” as the root of many of the platform’s problems. He alleged it was a plan by the outgoing government to ensure cryptocurrency companies would not have easy access to banks. This matter came to light after the Federal Deposit Insurance Corporation(FDIC) and affiliate banks’ communication indicated an immediate attempt at debanking cryptocurrency firms.
Binance.US continues developing partnerships for broader custody solutions, better wallets, and the return of USD offerings. At the same time, Binance.US is working on this recovery, but Binance itself is still hesitant about returning to the US market. Binance CEO Richard Teng said that talking about a US return is “premature.” He mentioned that the company is focusing on the international market and has partnerships with institutions.
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In his statement, Teng emphasized Binance’s roadmap to compliance. He explained that better international rules will allow the company to make large investments in the creation of strong regulation. Binance.US’s ability to effectively reinstate USD services will be key, and it will also gauge the flexibility of the exchange. It will also assess the future sustainability of the crypto platforms in the legal environment of the USA.
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