20-2-2025 – Binance’s American subsidiary has reinstated its US dollar services, marking a significant shift in the cryptocurrency exchange’s operations amidst an evolving regulatory landscape. The move, announced on Wednesday, enables customers to resume dollar withdrawals free of charge, conduct bank transfers for digital asset purchases, and trade USD-cryptocurrency pairs.
The decision comes after a challenging period for the platform, which had suspended these services in June 2023 due to regulatory pressures. Customers can now once again trade popular pairs such as Bitcoin-USD, signalling a potential thaw in the regulatory environment.
Norman Reed, Binance.US’s Interim Chief Executive, expressed relief at the development. “Our transition to a crypto-only platform was necessary at the time, but we’ve eagerly anticipated reinstating full USD services,” Reed stated.
The restoration follows a complex regulatory journey that began with the US Securities and Exchange Commission (SEC) filing legal action against the company last year. The SEC’s approach drew criticism from Binance, which characterised it as an “ideological campaign” against America’s digital asset sector, claiming the regulator’s aggressive stance had created significant banking access difficulties.
In an unexpected alignment of views, Senator Elizabeth Warren, typically a vocal crypto industry critic, has recently raised concerns about the broader issue of “debanking” affecting crypto firms. In a letter to President Trump, Warren acknowledged that while banks may have legitimate reasons for account closures, their implementation of regulatory requirements might be “sloppy and overbroad”.
