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In summary
- Binance.US plans to restore USD services in 2025 after suspending fiat trading since June 2023.
- Regulatory pressure and “Operation Chokepoint 2.0” complicated banking access for crypto companies.
- Reed stated that the exchange maintained support for 160 cryptocurrencies and continues to expand services.
Following the momentum of anticipated changes to US Cryptocurrency policy, Binance.US stated that it is looking to restore its USD services in early 2025, according to a statement shared with Decrypt.
This marks the exchange’s first major operational change since regulatory pressure forced it to suspend fiat trading last year.
The platform has operated with restricted banking access since June 2023, when civil lawsuits from the United States Securities and Exchange Commission (SEC) caused a suspension of dollar deposits and withdrawals.
“While I can’t provide a definitive launch date yet, let me be clear: it’s not a question of if, but when,” interim CEO Norman Reed said in the statement.
Binance.US operates as a separate entity from Binance, the global cryptocurrency exchange, operating under BAM Trading Services to comply with US regulations.
However, it offers a limited range of products and services compared to its global counterpart.
This follows recent comments from the global entity’s CEO, Richard Teng, who recently described discussions about Binance’s re-entry into the US market as “premature.”
Reed, who spent six years enforcing securities law at the SEC, pointed to what he calls “a concerted effort by the outgoing administration” to deny companies in the crypto ecosystem access to banking services.
The issue, labeled “Operation Chokepoint 2.0,” has led observers such as Coinbase Chief Legal Officer Paul Grewal to speak out about the discovery of correspondence between the Federal Deposit Insurance Corporation (FDIC) and member banks.
Those documents could help establish grounds for claims about how certain groups or individuals in the US government have intentionally debanked and restricted access to cryptocurrency companies.
‘The fight is not over’
Despite regulatory pressure, the exchange says it has maintained stable operations, even as the company faced multiple compliance investigations and alleged financial misconduct.
Binance.US claims to have maintained support for 160 cryptocurrencies and staking for more than 20 assets during that time, which Reed said far exceeds its closest competitors.
Having “survived” more than 17 months of SEC scrutiny, which produced multiple statements and hundreds of document requests, Reed is confident that the regulator has found no evidence of wrongdoing by the exchange.
Looking ahead, the executive said his exchange is working on new partnerships to expand its custody services and wallet solutions along with the planned restoration of fiat services, which he said was the “most requested and anticipated” feature.
“Now that we have survived, our goal is to help the crypto ecosystem thrive and empower all Americans with freedom of choice,” Reed said.
Edited by Sebastian Sinclair
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