Binance.US has restored United States Dollar (USD) services after a 20-month suspension, allowing users to deposit, withdraw, and trade with U.S. dollars again. According to a recent official blog post, the feature is live and will gradually be available to all eligible customers in the coming days.
Binance.US Restores USD Services
With the relaunch, Binance.US users can link their bank accounts to deposit and withdraw USD with zero fees. The platform also reinstates the ability to buy and sell crypto using bank transfers through ACH payments. Additionally, customers can now convert between crypto and USD instantly, a feature that had been unavailable since the service pause in mid-2023.
The exchange will also bring back USD trading pairs. It will initially support ten crypto assets, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), and Shiba Inu (SHIB), with more trading pairs to be added soon. The platform has also reintroduced its “Auto-Buy” feature, allowing users to schedule recurring crypto purchases.
Notably, The move will likely boost trading activity on the platform and improve liquidity, offering traders more flexibility in managing their digital assets. In line with this, the exchange boasted of its commitment to providing a friendly environment for its users. It stated in its announcement:
“We’re thrilled to bring back USD services and make it easier for users to interact with crypto through a seamless banking experience.”
Why Pause USD Services?
Binance.US halted USD services in mid-2023 due to regulatory challenges and banking restrictions. The suspension followed a lawsuit from the U.S. Securities and Exchange Commission (SEC), which accused Binance, Binance.US, and its founder, Changpeng Zhao (CZ), of violating securities laws.
The lawsuit increased scrutiny, making it difficult for Binance.US to maintain relationships with banking partners. Its banking partners suspended fiat withdrawals, prompting the exchange to become a crypto-only platform.
Binance and CZ later settled with U.S. authorities in November 2023, agreeing to pay $4.3 billion in penalties for compliance failures, including violations of anti-money laundering laws. As part of the agreement, CZ stepped down as the exchange’s CEO.
The relaunch of USD services suggests that Binance.US has worked to secure new banking partnerships and compliance frameworks. In a recent interview by Bloomberg, its current CEO, Richard Teng, mentioned perceived crypto regulatory progress in the U.S.
