Binance.US Restores USD Services After Biden Admin Disruption

Binance.US, a regulated cryptocurrency exchange catering to American customers, has reinstated its US dollar fiat services, following a period of disruption under the Biden administration. The exchange announced that access to fiat services will commence on Wednesday and be gradually rolled out to all eligible customers over the coming days.

Users can now deposit and withdraw USD with zero fees using bank transfer (ACH), and continue buying, selling, converting, and trading over 160 cryptocurrencies. The restoration of USD services comes after a period of operating as a crypto-to-crypto only exchange, following an overzealous approach by the Securities and Exchange Commission (SEC) under chair Gary Gensler.

Despite the challenges faced, Binance.US has managed to maintain operations and has made strategic decisions to optimize its cost structure and rightsize its workforce. The exchange has also secured several banking partners to facilitate the reinstatement of USD services.

Binance.US is affiliated with the global Binance platform but operates as a separate U.S. company. The reinstatement of USD services is a significant step towards regaining its position as one of the largest cryptocurrency exchanges in the United States.