Binance US has officially resumed its US dollar services. US customers can make deposits and withdrawals in US dollars via bank transfer (ACH). This happens after 18 months of restrictions, claiming regulatory clarity.
The company said, “It’s official: USD services are back on Binance.US […] the feature will gradually roll out to all eligible customers in the coming days […] This means you can deposit and withdraw USD by linking a bank account, buy crypto via bank transfer (ACH), and enjoy trading on USD pairs.”
🚨NEW: @BinanceUS will resume USD services for eligible customers, according to its website.
— Eleanor Terrett (@EleanorTerrett) February 19, 2025
The exchange halted services over two years ago on February 13, 2023 following heightened scrutiny from regulators. pic.twitter.com/IFbHJnRwDS
Another benefit that will come with this advantage is that users will be able to buy and sell crypto in USD using bank transfer. In addition users can convert between crypto and USD and trade USD pairs. Users will also be able to schedule buy crypto orders on a daily, weekly, bi-monthly, or monthly basis using the “Auto-Buy” feature.
Binance has made it easy to send, receive, and request crypto by creating a custom domain name. Also, OTC orders over $10,000 are available via the OTC trading portal.
Savvy traders have the option to trade using a variety of APIs on Binance US to automate trading. Moreover, institutional services are back on the platform for trading firms, asset managers, venture capitalists, and more.
Binance.US Interim CEO Norman Reed said, “We are thrilled to restore fiat rails as we accelerate with increased momentum in the new year […] This marks one of the most important chapters for Binance.US since July 2023, when we were forced to begin operating as a crypto-only platform. We have been looking forward to the day that we would be able to offer full USD services again.”
How did Binance get here – Was it a form of debanking?
There has been a story about how Binance got in trouble with the US SEC. The Securities and Exchange Commission announced a lawsuit against the firm, crypto exchange giant Binance, and its CEO, Changpeng Zhao, due to allegations of financial misconduct.
The SEC sought to freeze BinanceUS’ assets. The SEC had also asked the court to approve a temporary restraining order that would allow BinanceUS to continue to process withdrawal requests from customers. Since then, Binance.US has faced intense regulatory scrutiny and limited banking capabilities
However, recently, this issue gained attention after Coinbase’s Chief Legal Officer Paul Grewal highlighted letters between the Federal Deposit Insurance Corporation (FDIC) and affiliate banks. It suggested intentional debanking of crypto companies.
Tech companies also came out saying on the issue of debanking. Elon Musk posted on his X account that 30 tech founders were secretly debanked. Part of the tension between traditional banks and tech and crypto companies that are ready for the future is also due to old rules, stricter know-your-customer (KYC) and anti-money laundering (AML) standards, and higher fraud risks. OTC orders over $10,000 are available via the OTC trading portal.
Anchorage Digital CEO Nathan McCauley said, “Our story is pretty ridiculous […] We had a bank that we had a growing relationship with for a number of years, who basically, on a dime, decided to turn off our bank account.”
More people in the crypto business have had similar stories about being locked out of the U.S. financial system and not being able to access payroll, checking accounts, or payment processing. Leaders in the industry call it “Operation Choke Point 2.0.”
The ones to blame are the officials who worked together while Biden was president to pressure banks to cut ties with crypto. They say the 1.0 version happened when Obama’s government went after banks that helped payday lenders and gun makers.
This came to Trump’s attention when he questioned Bank of America (BAC) CEO Brian Moynihan at the World Economic Forum in Davos. He said, “I hope you start opening your bank to conservatives.” This is a big win for the crypto industry after the conversations that have been held about debanking.
Now, a major crypto exchange can use banking services in the US.
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