Binance.US Restores USD Transactions After 18-Month Hiatus

Strategic Caution as Binance Navigates U.S. Regulatory Landscape

Binance.US has reinstated USD deposits and withdrawals after nearly 18 months of regulatory-driven restrictions. The announcement on February 19, 2025, marks a significant step for the exchange, allowing U.S. users to once again link bank accounts for ACH transfers, deposit funds, and trade against USD pairs. 

The service is gradually rolling out to all eligible users, with only ten cryptocurrencies currently available for USD trading, including Bitcoin, Ethereum, and Solana. This move follows an extended period of legal uncertainty after the U.S. Securities and Exchange Commission (SEC) sued Binance.US in June 2023, alleging it operated as an unregistered securities exchange. The lawsuit led to severed banking partnerships and forced the platform into a crypto-only model.

A temporary pause in legal proceedings has provided a window for potential settlement negotiations. On February 14, Binance.US and the SEC jointly requested a 60-day stay in the case, which the court approved. The company expressed optimism, stating that the break would allow constructive discussions with the newly formed crypto task force under Acting Chair Uyeda. 

While the regulatory environment under the Trump administration appears more crypto-friendly, Binance remains cautious about its U.S. strategy. CEO Richard Teng acknowledged a shift in policy attitudes but emphasized that the exchange would not make any major moves until clear guidelines emerge. Binance’s reluctance to fully re-enter the market is tied to its $4.3 billion settlement with U.S. authorities in November 2023 over anti-money laundering and sanctions violations, a case that forced significant leadership and compliance reforms.

Leadership changes continue to shape Binance’s global operations. Former CEO Changpeng “CZ” Zhao stepped down amid legal troubles and served a four-month prison sentence, paving the way for Teng’s appointment. Under Teng’s leadership, Binance has introduced a new board of directors and implemented governance reforms under what he describes as “Binance 2.0,” prioritizing regulatory transparency. 

Despite these efforts, the exchange has yet to commit to a single jurisdiction for its global headquarters. While Hong Kong was considered, Binance has refrained from applying for a license due to ongoing regulatory concerns. The firm remains in discussions about possible locations but acknowledges the complexity of selecting a regulatory base.

Meanwhile, Binance Labs, the company’s venture capital arm, is undergoing a rebranding effort to distance itself from the main exchange. Despite his departure from Binance leadership, CZ is expected to head the rebranded Binance Labs, focusing on expanding investments in DeFi, AI, Bitcoin, and biotech projects. The firm is also looking to strengthen underperforming sectors such as gaming and privacy technologies. With institutional interest in crypto expected to rise under the Trump administration, Binance’s cautious but strategic positioning could shape its long-term role in both U.S. and global markets.

This article has been refined and enhanced by ChatGPT.