Nikolas Sargeant
Binance.US, the U.S. arm of the global crypto exchange, is setting its sights on a major comeback in 2025, with plans to restore USD services that were suspended in June 2023. The decision follows the platform's operational challenges triggered by civil claims from the U.S. Securities and Exchange Commission (SEC), which led to the suspension of dollar deposits and withdrawals.
In a statement shared with Decrypt, interim CEO Norman Reed emphasized that while a definitive timeline has not yet been set, the company is confident that the return of fiat services is "not a matter of if, but when." This marks Binance.US's first major operational pivot since it halted its USD offerings last year due to regulatory pressure.
Operational Challenges and Survival Under Regulatory Scrutiny
Binance.US has continued to function despite restricted banking access and increasing scrutiny from U.S. regulators. Since June 2023, the exchange has faced a complex regulatory landscape that has, at times, made it difficult to access traditional banking services. Reed pointed to what some have called "Operation Chokepoint 2.0"—an alleged initiative aimed at denying crypto firms banking access—as a major obstacle. Despite this, the exchange has remained operational, continuing to support over 160 cryptocurrencies and staking services for more than 20 assets.
Reed, who spent six years enforcing securities law at the SEC, expressed confidence that the exchange has complied fully with regulatory expectations. Looking to the future, Reed affirmed that Binance.US is working on expanding its custody services and wallet solutions, with the restoration of USD services set to be the “top-requested” feature.
Reed's remarks signal hope for the future, as Binance.US prepares to navigate both regulatory challenges and expanding opportunities in the evolving U.S. crypto market.
