Key Takeaways
- Binance.Us has announced plans to resume USD services in the United States by early 2025
- Binance CEO Richard Teng earlier said it was too early to discuss whether the Exchange will resume operations in the United States
- Binance is entirely banned in several parts of the US. They include New York, Texas, Louisiana, Hawaii, Idaho, and Vermont.
Binance.US, the United States branch of the global cryptocurrency exchange Binance announced that it would resume USD services in the country in early 2025.
This development comes after Binance CEO Richard Teng stated that it was too early to discuss the resumption of full operations in the United States.
Norman Reed the Interim CEO of Binance.US announced the news via a blog post yesterday narrating the regulatory challenges the firm has faced since last year and the plans to resume USD operations next year.
“ With 2025 approaching, our number one priority remains providing our community with the best experience and resources in crypto. To that end, we are focused on restoring USD services, so that users easily move money into and out of Binance.US. It is, without a doubt, the top-requested and most anticipated request from our customers.
Many of you have been asking when USD will return. While I can’t provide a definitive launch date yet, let me be clear: It is not a matter of if, but when. As I’m writing this, we are closer than ever to restoring USD services and our plan is to achieve this important milestone in early 2025.” Norman Reed stated.
Binance.US CEO also hinted at new releases coming from the exchange as it looks to expand its product suite to increase the overall utility of the platform.
Binance.US Vs US Securities and Exchange Commission
Binance.US has faced turbulent times with the United States regulatory agency since last year. The platform was launched in 2019 to cater to the US market.
In June 2023, the US SEC under Gary Gensler sued Binance.US over claims of failure to register Binance.US as an exchange.
Binance.US in October 2023, updated its terms of service delisting USD trading from its platform. Binance as a whole settled for a $4.3 million settlement over charges of money laundering and sanctions violations.
The relationship between Binance and the US Jurisdiction has remained strained following an additional 4-month prison sentence for EX Ceo Changpeng Zhao.
Norman Reed’s announcement spells a return to normalcy between both entities on the horizon.
