Raising expectations of changes in US crypto policy, Binance.US has revealed that it aims to restore its US dollar services as early as 2025. Decrypt.
It marks the exchange's first major operation since regulatory pressure forced the exchange to halt fiat trading last year.
The platform has been operating with limited banking services since June 2023, when SEC civil claims led to a ban on dollar deposits and withdrawals.
“While I cannot yet provide a specific launch date, let me be clear,” interim CEO Norman Reed said in a statement..
Binance.US operates as a separate entity from Binance, operating under BAM Trading Services to comply with US regulations.
However, it offers limited products and services compared to its global counterpart.
It follows recent comments from the global firm's CEO, Richard Teng, who described recent discussions about Binance entering the US market as “premature”.
Reid, who spent six years enforcing securities law at the SEC, pointed to what he called a “coordinated initiative by the administration” to ban crypto firms from banking services.
Dubbed “Operation ChocPone 2.0,” the case has prompted observers such as Coinbase Chief Legal Officer Paul Grewal to speak out. Discovery of letters Between the Federal Deposit Insurance Corporation (FDIC) and member banks.
Those documents could help establish claims about how certain groups or individuals within the US government have deliberately withheld access to crypto companies.
‘The fight is not over'
Despite the regulatory upheaval, the exchange has maintained steady operations, even as the company faces multiple investigations into compliance and financial irregularities.
Binance.US said it backed 160 cryptos and held more than 20 assets at the time, which Reed said was far more than its closest rivals.
After more than 17 months of “surviving” the SEC's investigation by producing dozens of documents and hundreds of document requests, Reed is confident that the regulator has found no evidence of wrongdoing at the exchange.
Looking ahead, the executive said the exchange is working on new partnerships to expand its regulatory services and wallet solutions alongside the planned revamp of its fiat services.
“Now that we've survived, our goal is to help crypto thrive and give all Americans the freedom to choose,” Reed said.
Edited by Sebastian Sinclair.
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