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Binance.US Regains Access to Fiat Services for US Customers

Binance.US, a regulated cryptocurrency exchange serving American customers, has finally seen its US dollar fiat services restored, after the firm’s ability to handle USD deposits and withdrawals was choked out of existence under the Biden administration.

Access to Fiat Services Restored

Access to fiat services begins Wednesday and will be gradually rolled out to all eligible customers over the coming days, Binance.US said. Users will be able to deposit and withdraw USD with zero fees using bank transfer (ACH), and continue buying, selling, converting, and trading over 160 cryptocurrencies, the company said in a press statement.

A Turbulent Past

However, the road to this point has been a long and arduous one for Binance.US. An overzealous Securities and Exchange Commission (SEC) led by chair Gary Gensler decided, post-FTX, that Binance.US must be guilty of something, and the regulator did its best to snuff out the firm. Despite losing billions in business and being forced to cut 70% of its staff, Binance.US continued to operate as a crypto-to-crypto only exchange from July 2023 until the present day.

Current State of Affairs

“Before we lost fiat, we were neck and neck with Kraken as the second or third largest US exchange, but obviously we’ve fallen off significantly thanks to Operation Chokepoint 2.0, the SEC and all that mess,” said Binance.US Chief Operating Officer Christopher Blodgett in an interview.

“We’ve made some very hard but healthy decisions in terms of our cost structure and right sizing, and we’ve never been leaner or meaner or more ready to deliver an excellent product at a reasonable price – and today’s the day,” he said.

Blodgett also revealed that the firm currently has several banking partners in the mix, as well as the firm going live with today, which was not named at this time.

What’s Next?

Binance.US is affiliated with the global Binance platform, but operates as a separate U.S. company. As the exchange looks to the future, it appears to be well-positioned to reclaim its position as a major player in the US crypto market. With its fiat services now restored, users can once again enjoy the convenience of buying, selling, and trading cryptocurrencies with USD.

Conclusion

In conclusion, the restoration of Binance.US’s fiat services is a significant development for the exchange and the broader crypto market. As the exchange looks to rebuild and recover from its turbulent past, it is likely that it will continue to play a major role in the US crypto landscape. With its fiat services now restored, users can once again enjoy the convenience and flexibility of trading cryptocurrencies with USD.

FAQs

• When did Binance.US regain access to fiat services? Binance.US regained access to its fiat services on [date] and will roll out the service to all eligible customers over the coming days.
• What are the fees for using fiat services? There are no fees for using Binance.US’s fiat services, including deposits and withdrawals.
• What cryptocurrencies are available for trading on Binance.US? Over 160 cryptocurrencies are available for trading on Binance.US.
• What is the current state of Binance.US’s operations? Binance.US is currently operating as a crypto-to-crypto only exchange and has reduced its staff by 70% since July 2023.
• What is the future outlook for Binance.US? Binance.US is likely to continue to play a major role in the US crypto market, with its fiat services now restored and its cost structure and operations streamlined.