- Binance.US reintroduces USD deposits and withdrawals via ACH.
- SEC lawsuit and legal challenges led to earlier suspension of services.
- OTC trading and Auto-Buy features now available for customers.
After an 18-month hiatus due to SEC legal challenges, Binance.US is once again offering USD deposits and withdrawals. The platform now includes new features such as bank transfer options, Auto-Buy, and OTC trading for users in the US.
Binance.US resumes USD deposits
Binance has resumed USD deposits and withdrawals for its US customers on Binance.US after an 18-month suspension. The service includes deposits and withdrawals through bank transfer (ACH) options. This follows the suspension of USD services in June 2023, after Binance.US faced a lawsuit from the US Securities and Exchange Commission (SEC).
In its announcement, Binance confirmed the gradual rollout of the service to eligible customers.
The resumption of USD services comes after months of regulatory uncertainty. Binance.US halted USD deposits in June 2023 amid an SEC lawsuit, which accused Binance of regulatory violations. The SEC’s lawsuit also sought to freeze Binance.US assets, which further complicated the exchange’s operations in the US.
New Features on Binance.US
The platform noted that users can now deposit and withdraw USD via linked bank accounts. Additionally, customers can purchase cryptocurrencies through bank transfers and trade USD pairs, enhancing their trading experience.
Moreover, Binance.US has also reintroduced its “Auto-Buy” feature. This allows customers to schedule recurring crypto purchases at various intervals, including daily and monthly. Moreover, the platform now enables users to buy, sell, and convert cryptocurrencies to and from USD.
Binance has also made efforts to improve its institutional services. The platform now offers Over-The-Counter (OTC) orders for large transactions above $10,000. Furthermore, the platform supports API access for automated trading which enables institutional clients to streamline their trading strategies.
Regulatory Hurdles for Binance
In recent months, Binance.US has faced increased scrutiny from US regulators. These legal challenges have affected its banking capabilities and customer services. However, Binance.US’s latest move suggests a shift towards more stable operations and clear regulatory frameworks.
The regulatory environment for crypto exchanges remains complex. In November 2023, Binance paid a $4.3 billion settlement over Anti-Money Laundering (AML) law violations. However, the resumption of USD services represents a step toward operational normalization in the United States.
Crypto Debanking
This decision to resume USD services comes amid broader debates about the relationship between cryptocurrency companies and traditional financial institutions. Industry leaders have criticized the ongoing “debanking” of crypto firms, a term which refers to financial institutions cutting ties with the crypto sector.
Executives from firms like Anchorage Digital have raised concerns about various challenges such as systemic discrimination against crypto companies.
This resumption reflects Binance.US’s commitment to regain customer trust and expand its services. Additionally, this may set a precedent for companies that face similar scrutiny in the US.The development highlights the importance of regulatory clarity and stable financial operations for cryptocurrency exchanges.