Binance.US Resumes USD Deposits After Two-Year Hiatus

Binance.US, a leading cryptocurrency exchange in the United States, has announced the resumption of USD deposits and withdrawals after nearly two years of restrictions. The company made the announcement on February 19, 2023, stating that US customers can now deposit and withdraw dollars via bank transfer (ACH).

This move allows users to link their US bank accounts to their Binance accounts, enabling them to buy and sell cryptocurrencies directly using bank transfers. Initially, only 10 cryptocurrencies will be available for direct trading using USD, including Bitcoin, Steller, Solana, Ethereum, Dogecoin, Hedera, Shiba Inu, Cardano, Sui, and BNB.

The suspension of USD deposit and withdrawal services by Binance.US in June 2023 was a result of a high-profile lawsuit filed by the US Securities and Exchange Commission (SEC). The SEC accused the exchange of operating as an unregistered securities exchange, leading its banking partners to halt USD transactions. In response, Binance.US shifted to a crypto-only model for certain regions to protect its customers.

However, the recent resumption of USD deposits is likely driven by the pro-crypto regulatory changes in the US. As the crypto industry continues to evolve, exchanges like Binance.US are adapting to the changing landscape to provide their customers with the services they need.