- Binance.US has restored full USD banking services after 19 months of crypto-only operations.
- The restoration comes following the departure of SEC Chair Gary Gensler and a softening regulatory stance.
- Trading volume shows significant disparity: Binance global at $19 billion versus Binance.US at $15 million daily.
- A 60-day pause has been granted in the ongoing SEC legal battle against the exchange.
- The exchange’s banking partner remains undisclosed amid renewed service capabilities.
Binance.US announced Wednesday the full restoration of its USD banking services, marking the end of a 19-month period during which the exchange operated solely with cryptocurrency transactions. This development signals a potential shift in the regulatory landscape for crypto firms in the United States.
Interim CEO Norman Reed expressed relief at the platform’s return to full functionality, stating, “We have been looking forward to the day that we would be able to offer full USD services again.” The exchange had suspended fiat operations in June 2023 following regulatory pressure from the Securities and Exchange Commission.
The restoration arrives amid significant changes at the SEC. Following Gary Gensler’s departure, Acting Chair Mark Uyeda has adopted a more collaborative approach toward cryptocurrency regulation, suggesting a potential thaw in the historically frosty relationship between regulators and crypto firms.
Market data reveals the stark contrast between the global and U.S. operations. According to CoinGecko, while the international Binance platform processes approximately $19 billion in daily trades, Binance.US manages just $15 million, highlighting the impact of regulatory challenges on its U.S. operations.
The exchange’s regulatory challenges stem from a complex legal battle initiated by the SEC, which alleged violations of securities laws. This culminated in a $4.3 billion settlement with multiple government agencies and the departure of founder Changpeng Zhao, who recently completed a four-month prison sentence.
Congressional attention has turned to the phenomenon of “debanking,” with lawmakers investigating whether cryptocurrency firms have been targeted by what some term “Operation Choke Point 2.0” – a reference to a controversial federal program that previously scrutinized banking relationships with certain industries.
While Binance.US maintains its independence from the global Binance entity, court documents from a CFTC lawsuit revealed internal communications describing the U.S. operation as a “navy boat” complementing Binance’s “pirate ship” structure.
The ongoing SEC case has entered a 60-day pause period, allowing both parties to evaluate recent regulatory developments that could influence the final resolution. Despite the restoration of banking services, Binance.US has not disclosed its new banking partner, maintaining operational discretion amid the evolving regulatory landscape.
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