Business
Binance Lifts 2-Year Suspension On USD Services In US
By Benjamin Abioye
Binance has announced that it will soon restart USD services for its US customers. This means eligible users will once again be able to deposit and withdraw USD through bank transfers and trade cryptocurrencies using USD pairs.
The platform had stopped fiat transactions in the US for nearly two years. This happened in June 2023 after the SEC accused Binance and its founder, Changpeng Zhao, of breaking securities laws. The charges included running unregistered exchanges and misleading investors about trading practices.
Because of legal pressure, Binance had to make big changes to its business and leadership. In November 2023, Zhao agreed to step down and pay a $50 million fine after pleading guilty to US criminal charges. Binance itself also accepted a $4.3 billion fine and pleaded guilty.
After Binance suspended USD services, its share of USD trading volume dropped significantly. In January 2024, its market share fell from 10% to just 0.1%. This decline was mainly because users could not directly trade with USD, even though the platform still supported over 160 cryptocurrencies.
Many users have been frustrated with the lack of USD transactions. Without direct USD services, they had to rely on other fiat gateways for deposits and withdrawals. The return of these services will make trading easier for them.
This change could also show a more favorable approach toward crypto regulation under the new administration. Binance and the SEC recently asked for a 60-day pause in an ongoing lawsuit to explore possible settlements. This could signal a shift in how regulators handle crypto exchanges.
Additionally, Binance’s move might set an example for other exchanges facing similar issues. Restoring USD services on Binance.US is a positive sign for the US crypto market. It could improve liquidity, increase adoption, and create a stronger trading environment for both individual and institutional investors.
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