Building on the momentum of anticipated changes to U.S. crypto policy, Binance.US said it aims to restore its USD services in early 2025, according to a statement shared with Decrypt.
It marks the exchange's first major operational shift as regulatory pressure forced the exchange to suspend fiat trading last year.
Since June 2023 when SEC claims led to a suspension on dollar withdrawals and deposits, the platform operates with restricted access.
"While I can't provide a definitive launch date yet, let me be clear: It is not a matter of if, but when," Norman Reed, the interim CEO said in a press release.
Binance.US is a completely separate entity to Binance. The global crypto-exchange, which operates under BAM Trading Services, in order to conform with U.S. regulatory requirements.
The range of its products and services is limited compared to the global equivalent.
Richard Teng’s recent remarks about Binance’s return to the U.S. marketplace were described as “disappointing” by the CEO of the global entity. “premature.”
Reed, who worked for six years at the SEC enforcing Securities Law, said that he is concerned about what he called "a concerted initiative by the outgoing administration" Crypto firms are denied access to financial services.
This issue is tagged "Operation Chokepoint 2.0" has led observers such as Coinbase's chief legal officer, Paul Grewal, to speak up regarding the Discovery of correspondence Federal Deposit Insurance Corporation’s (FDIC) member banks.
These documents may help to establish the validity of claims that certain individuals or groups in the U.S. Government have debanked crypto companies and limited their access.
'The fight isn't over'
The exchange claims that despite the overhang of regulatory issues, it continues to operate as usual, despite the fact that the company was subjected to multiple investigations over compliance and allegations of financial misconduct.
Reed claimed that Binance.US had supported 160 cryptos during this time and staked for more than 20 assets, far exceeding its nearest rivals.
The Having "survived" over 17 months of SEC scrutiny, which produced multiple depositions and hundreds of document requests, Reed is confident the regulator has found no evidence of wrongdoing on the exchange's part.
In the near future, the exchange executive revealed that they are working with new partners to enhance their custody and wallet services along with the anticipated restoration of fiat service, which was, he claimed, the plan. “top-requested and most anticipated” feature.
"Now that we've survived, our goal is to help crypto thrive and empower all Americans with freedom of choice," Reed Said
Sebastian Sinclair is the editor