Binance US Brings Back USD Deposits and Withdrawals After Two-Year Hiatus

After a two-year hiatus, Binance US, the American arm of the leading cryptocurrency exchange, has announced the resumption of U.S. dollar deposits and withdrawals.

The move, first revealed through a post on the exchange’s website, has already started rolling out to users.

The restored services encompass a range of functionalities, including fee-free bank transfers, cryptocurrency purchases via Automated Clearing House (ACH) payments, instant conversions between digital currencies and the dollar, as well as automated recurring purchase options through the platform’s “Auto-Buy” feature.

Users can now link their bank accounts for dollar transactions and access ten initial trading pairs with USD as the quote currency. These are against BTC, XLM, DOGE, SOL, ETH, ADA, HBAR, SHIB, SUI, and BNB.

Binance US Recovers from SEC Lawsuit

Beyond trading, Binance US also points to other features, such as staking rewards for over 20 proof-of-stake cryptocurrencies, a “crypto dust” conversion service for small balances, custom crypto domain services, and over-the-counter (OTC) trading for larger orders up to $10,000.

The exchange’s dollar services were suspended in 2023 amidst heightened regulatory pressure, including a lawsuit filed by the Securities and Exchange Commission.

In a sign of gradual recovery, Binance US reinstated Mastercard payments for cryptocurrency purchases and resumed functionality for its Binance-branded Visa cards in July 2024, citing enhanced compliance and security measures. The reinstatement came shortly after the platform was banned in North Dakota.

Binance US faced regulatory challenges so severe that the company struggled to secure banking partners to facilitate fiat on- and off-ramp services to its clients.

The reinstatement of USD services, however, suggests that the exchange has found a reliable banking partner to work with. It comes as the U.S. is seeing a friendlier regulatory environment under the pro-crypto Trump administration.