Binance.US, a regulated cryptocurrency exchange serving American customers, has finally restored its USD fiat services after losing the ability to manage USD transactions due to strict regulatory actions under the previous Biden administration.
Access to fiat services starts on Wednesday and will be rolled out gradually to all eligible customers in the upcoming days. Users will have the ability to deposit and withdraw USD with no fees via bank transfer (ACH) while continuing to trade over 160 cryptocurrencies.
Background Information:
- Restoration of Services: Customers can once more deposit and withdraw USD.
- Previous Restrictions: The previous administration’s decisions severely limited Binance.US operations.
An overly aggressive Securities and Exchange Commission (SEC) led by Chair Gary Gensler imposed several restrictions, impacting Binance.US significantly; despite these challenges, the company managed to maintain limited operations as a crypto-only exchange since July 2023.
“Before we lost fiat, we were neck and neck with Kraken as the second or third largest US exchange, but obviously, we’ve fallen off significantly thanks to Operation Chokepoint 2.0, the SEC and all that mess,” said Christopher Blodgett during an interview.
“We’ve made very hard yet healthy decisions concerning our cost structure and efficiency and we are now more prepared than ever to deliver an excellent product at a reasonable price – and that starts today.”
Blodgett indicated that the firm has formed partnerships with several banking institutions, although details about the current partner have not been disclosed.
Binance.US is an independent entity from the global Binance platform but operates as a distinct American corporation.
