After a lengthy suspension, Binance US has announced the restoration of USD-based services for eligible customers in the United States. The cryptocurrency exchange confirmed that as of February 19, users can once again access USD deposits, withdrawals, and trading features that were halted in June 2023.
The reinstated services will allow customers to link their bank accounts for direct USD deposits and withdrawals, make cryptocurrency purchases using dollars, trade USD pairs, and set up recurring buy orders. The rollout will happen gradually over the coming days to ensure all eligible users regain access.
Additional features being reintroduced include cryptocurrency staking for assets like ETH, SOL, BNB, and ADA, along with over-the-counter trading for orders up to $10,000. The exchange is also launching institutional trading platforms and API access.
The original service suspension occurred after the U.S. Securities and Exchange Commission (SEC) filed lawsuits against Binance, its US arm, and former CEO Changpeng Zhao in 2023. The regulatory action led to severe consequences for the exchange, including a 70% staff reduction and a dramatic drop in market share.
Recent developments in the regulatory landscape have created a more optimistic outlook. In early February, Binance and the SEC agreed to pause ongoing litigation for 60 days, suggesting potential progress toward resolution. This shift, combined with changing political dynamics, has enabled Binance US to resume its dollar-based services.
The move represents a major step in Binance US's efforts to rebuild its presence in the American cryptocurrency market. After facing substantial regulatory challenges and operational setbacks, the exchange appears positioned to reconnect with U.S. customers through traditional banking services while maintaining compliance with regulatory requirements.