Binance.US is planning to reinstate USD services in early 2025, indicating a significant operational change after restricted banking access. This move is influenced by growing optimism regarding potential shifts in US crypto policies.
In June 2023, the SEC filed civil claims against Binance.US. The exchange was compelled to transition to crypto-only transactions and suspend fiat on- and off-ramps. The exchange's ability to offer services to customers was significantly hampered by these actions.
Binance.US faced regulatory scrutiny and limited banking capabilities, leading to the suspension of dollar deposits and withdrawals.
Binance.US plans to restore USD services and is working on new partnerships to expand custody services and wallet solutions. The exchange has maintained operations, supporting over 160 crypto.
Norman Reed, Interim CEO of Binance.US, expressed confidence in the company's compliance record after surviving 17 months of SEC scrutiny.
Binance.US views the restoration of fiat capabilities as the "top-requested and most anticipated" feature by users.
The nomination of Paul Atkins as the next Chairman of the SEC is viewed as a step towards a clearer regulatory framework for digital assets in the U.S.
There is expectation that the Republican administration, under President Donald Trump, may bring policy shifts favorable to the crypto industry.
A joint motion was filed by the exchange and the SEC to pause the regulator's lawsuit against Binance, influenced by a newly established task force.
Some observers see this as a shift toward a more crypto-friendly approach, aligning with President Trump's commitment to establish the US as a leading global center for the crypto sector.
The SEC is expected to review ongoing litigation, including cases against Binance, and may reallocate enforcement staff to different areas.
While Binance.US is planning its USD service restoration, Binance’s global operations remain cautious about re-entering the US market. Whether Binance re-enters the US market is still a premature discussion, as the exchange's primary focus is on global expansion and attracting institutional investors.
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