Binance.US Restores U.S. Dollar Deposits and Withdrawals After Nearly Two-Year Suspension

• Binance.US has reinstated U.S. dollar deposits and zero-fee ACH withdrawals after a nearly two-year suspension.
• The suspension followed an SEC lawsuit in June 2023, causing Binance.US’s market share to drop.
• A 60-day legal pause began on February 13 as the SEC works on clearer crypto regulations.

Binance.US has resumed U.S. dollar deposits and withdrawals after nearly two years, beginning with zero-fee ACH bank transfers. The phased rollout started Wednesday and will extend to all eligible customers in the coming days. The relaunch marks a significant development for the cryptocurrency exchange after operations shifted to a crypto-only model in mid-2023.

Access to ACH Bank Transfers Resumes 

Binance Operations suspended their United States operations in June 2023 because the U.S. Securities and Exchange Commission filed a lawsuit against Binance and Binance.US as well as Changpeng Zhao. 

The securities law violations outlined in the case led Binance.US to lose its relationship with banking partners. Consequently, the exchange’s market share by U.S. dollar-supported volume dropped from around 10% to just 0.1% by January 2025.

In the months following the SEC’s lawsuit, Binance.US faced considerable operational hurdles. Brian Shroder, the then-president and CEO, departed in September 2023 as uncertainty weighed on the company. Binance.US responded by cutting approximately one-third of its workforce. Norman Reed later assumed the role of interim CEO, steering the company through these challenges.

Legal Proceedings and Regulatory Environment

While the SEC lawsuit remains active, both parties agreed to a 60-day stay starting February 13. The decision aligns with the SEC’s new cryptocurrency task force, which seeks to establish clearer regulatory frameworks. 

This shift contrasts with the previous administration’s enforcement-focused approach under former Chair Gary Gensler. Court documents indicate the task force’s work may influence the case’s outcome.

Binance.US General Counsel Dan Wong emphasized the platform’s licensed status and compliance efforts, highlighting its goal of ensuring customer safety. Meanwhile, Binance CEO Richard Teng noted at the Consensus conference in Hong Kong that the crypto sector is experiencing a fresh reset amid evolving U.S. policies. Despite the optimism, the firm remains cautious and awaits further regulatory clarity before finalizing future strategies.