Binance.us has restored USD deposits and recordings for his American customers, which marks a considerable shift after months of operating as a crypto-all platform.
The fair announced on 19 February that users can now deposit and take US dollars without costs via bank transfers (ACH).
The company stated that the rollout of Fiat Services starts today and will gradually expand to all eligible users. In addition, trade, converting and access to more than 160 cryptocurrencies remain available.
Binance.us Interim CEO Norman Reed described the development as an important milestone, with the emphasis on the challenges with which Binance.us is confronted since the suspension of USD transactions in mid-2023.
According to Reed:
“We are pleased to restore Fiat Rails while accelerating with an increased momentum in the new year. This marks one of the most important chapters for Binance.us since July 2023, when we were forced to start working as a crypto-all-platform. We looked forward to the day that we could offer full USD services again. “
Legal challenges
In the past year, considerable regulatory challenges came to Binance.us after the US Securities and Exchange Commission (SEC) accused the platform of violating securities laws.
This led to bank partners breaking tires, disrupt USD services and force the exchange to suspend deposits and recurring purchase assignments. In response, Binance.us has deleted USD trade and customers advised to convert their interests into Stablecoins.
Despite these disruptions, the stock market maintained its crypto -trading and deployment services.
However, these challenges have considerably influenced the presence of the market. According to Kaiko Data, the market share of Binance.US in the US has been less than 1% in the US most of the past year – the peak of more than 20% in 2022.
In the meantime, the Exchange Forts can experience an important turnaround thanks to the leadership changes at the committee, which introduced a crypto task force.
As a result, Binance.us and the SEC asked for a 60-day break for their current lawsuit-a district judge in Washington recently approved this requirement.
