Binance.US has resumed United States dollar (USD) deposit and withdrawal services, allowing users to fund and withdraw from their accounts without fees via bank transfers. The platform, which operates under U.S. regulatory oversight, announced that fiat services are now live and will be rolled out to eligible users in the coming days.
Binance.US Restores USD Transactions
The relaunch brings back full USD functionality for Binance.US customers, who can now access deposit and withdrawal options while continuing to trade, buy, sell, and convert over 160 cryptocurrencies. The company had previously shifted to a crypto-only model in mid-2023 due to banking challenges.
Interim CEO Norman Reed highlighted the significance of this milestone, noting that Binance.US has been preparing for this moment since it was forced to halt USD transactions last year. “We are thrilled to restore fiat rails as we accelerate with increased momentum in the new year,” Reed stated. “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.”
Reed credited the company’s team for working persistently to bring USD services back and thanked customers for their patience. “We have been looking forward to the day that we would be able to offer full USD services again,” he added.
Binance.US Chief Operating Officer Christopher Blodgett emphasized that the reinstated fiat services will improve user experience by offering a seamless way to move funds between crypto and traditional banking systems. “We are excited to restore USD services and deliver a seamless on- and off-ramp experience with zero processing fees for our customers,” Blodgett said, according to press release.
The platform, which has faced regulatory scrutiny in the past, stressed its commitment to compliance and consumer protection. General Counsel Dan Wong underscored the importance of providing users with a secure and reliable method for handling fiat transactions. “As a licensed and regulated U.S. crypto exchange with a deep commitment to compliance and customer protection, the relaunch of USD services gives customers a safe, reliable, and convenient way to transfer funds and access crypto,” Wong said.
Anticipation for the announcement had been building since Binance.US hinted at a major update through a cryptic post on X. “Turn on your notifications 🔔 News drops tomorrow,” the exchange posted on February 18, signaling upcoming developments.
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