Binance.US has restored USD deposit and withdrawal services after nearly 18 months of restrictions. The company announced on 19/02/2024 that US customers can once again deposit and withdraw USD via bank transfer (ACH).
Users can now link their bank accounts to deposit or withdraw USD, buy cryptocurrencies with bank transfers, and trade on USD trading pairs. This service will gradually become available to all eligible customers in the coming days.
Why did Binance.US stop accepting USD deposits?
When the USD service was restored, Binance.US customers can link their US bank accounts to their Binance accounts. They can buy and sell cryptocurrencies directly with bank transfers.
Currently, only 10 cryptocurrencies can be traded directly with USD. These include Bit, Steller, Solana, ETH, Dogecoin, Hedera, Shiba Inu, Cardano, Sui, and BNB. Binance.US had temporarily suspended USD deposit and withdrawal services after a high-profile lawsuit by the SEC and increasing regulatory pressure.
In 06/2023, the SEC sued Binance.US for allegedly operating as an unregistered securities exchange, leading their banking partners to stop processing USD transactions.
Facing this environment and to protect customers, the platform had shifted to a crypto-only model for certain regions.
While trading and crypto-related functions continued, users could not directly deposit or withdraw USD until new banking partners compliant with regulations were found.
However, the restoration of USD deposits today is likely driven by regulatory changes favoring cryptocurrencies in the US.
