Binance.US has restored USD deposits and withdrawals after almost 18 months of restrictions. The company announced on February 19 that US customers can once again deposit and withdraw dollars via bank transfer (ACH).
Users can now link their bank accounts to deposit or withdraw USD, purchase crypto using bank transfers, and trade on USD pairs. The service will gradually become available to all eligible customers in the coming days.
Why did Binance.US Suspend USD Deposits?
As USD services resume, Binance.US customers can now link their US bank accounts to the Binance account. They can buy and sell crypto directly using bank transfers.
As of now, only 10 cryptocurrencies can be traded directly using USD. This includes Bitcoin, Steller, Solana, Ethereum, Dogecoin, Hedera, Shiba Inu, Cardano, Sui, and BNB.
Binance.US suspended its USD deposit and withdrawal services following a high-profile SEC lawsuit and mounting regulatory pressure.
In June 2023, the SEC sued Binance.US for allegedly operating as an unregistered securities exchange, which led its banking partners to halt USD transactions.
Faced with this environment and to protect its customers, the platform shifted to a crypto-only model for certain regions.
Although trading and crypto-related functions continued, users could no longer directly deposit or withdraw USD until new, compliant banking partners were secured.
However, today’s resumption of USD deposits is likely driven by the pro-crypto regulatory changes in the US.
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Source: https://beincrypto.com/binance-us-resumes-usd-transfers/