Binance.US has announced plans to resume USD services by early 2025, signaling optimism for the future of digital assets in the United States. The move comes after a challenging period for the exchange, marked by regulatory scrutiny and operational disruptions.
Legal Challenges and Regulatory Setbacks
Binance.US’s interim CEO, Norman Reed, criticized the current U.S. Securities and Exchange Commission (SEC) administration for its actions, which he claims have significantly harmed both American consumers and the broader crypto industry. In June 2023, the SEC accused Binance.US of violating securities laws by offering unregistered investment products and engaging in anti-fraud practices. This led to the loss of its money transmitter license in seven states, after regulators claimed the platform had failed to meet required standards for safeguarding citizens from illegal activities.
The company has been operating independently from the global Binance platform since 2019, and, following these legal setbacks, Binance.US was forced to halt USD deposits in June 2023. By July, the platform switched to a crypto-only model, discontinuing USD withdrawals and fiat trading, and urging users to convert USD into stablecoins like USDT for crypto-to-crypto trading.
A Shift Towards Regulatory Clarity
Despite the regulatory hurdles, Reed expressed confidence that the company is on track for a comeback. In his remarks, he emphasized that over the past 17 months, Binance.US had fully cooperated with the SEC’s investigation, providing hours of testimony and fulfilling hundreds of document requests. However, Reed pointed out that, as of yet, the SEC has not presented any concrete evidence of wrongdoing.
“Tellingly, the SEC has not presented any evidence of wrongdoing to date despite maintaining a careful watch over the company,” Reed said, signaling a belief that the SEC’s investigation has lacked substantial findings.
Looking Ahead: Product Expansion and Regulatory Clarity
Looking toward the future, Reed emphasized that Binance.US is eager to see clearer regulatory guidelines for digital assets in the U.S. He expressed hope that Paul Atkins, the SEC chair nominee, will bring much-needed direction to the industry.
As part of its comeback strategy, Binance.US is planning to introduce new features and expand its product offerings in the coming months. These moves aim to enhance the platform’s competitiveness and user experience.
Reed remains optimistic about the future: “I strongly believe that 2025 will be a breakout year for Binance.US, and our teams are hard at work building a comeback story for the ages,” he said.
With plans to restore USD services and an eye on broader regulatory clarity, Binance.US hopes to regain its footing in the U.S. crypto market and resume its growth trajectory by early 2025.
