Binance US Resumes Fiat Deposits and Withdrawals After Two Years Since SEC Lawsuit
The post Binance US Resumes Fiat Deposits and Withdrawals After Two Years Since SEC Lawsuit appeared first on Coinpedia Fintech News
Nearly two years after an SEC lawsuit disrupted Binance’s operations in the US, the company has officially resumed its USD services. The SEC had halted fiat functionality in June 2023 due to violations of securities laws, but the recent return of crypto-proponent Donald Trump has eased Binance’s legal challenges.
Binance.US Rises from Legal Troubles
The US crypto market is experiencing a boom since Donald Trump returned to the White House, according to community. This surge is largely due to the SEC becoming more favorable towards crypto companies, marking a major shift from the policies during Biden’s administration.
According to a recent blog post, Binance.US is bringing back U.S. dollar deposits and withdrawals for the first time in nearly two years.
Starting today, customers can make zero-fee deposits and withdrawals through ACH bank transfers, and this feature will become available to all eligible users in the next few days, according to Binance.US
At launch, Binance is restoring access to the following 10 USD trading pairs: BTC/USD, XLM/USD, DOGE/USD, SOL/USD, ETH/USD, ADA/USD, HBAR/USD, SHIB/USD, SUI/USD, and BNB/USD, with plans to add many more in the future.
The crypto exchange giant had stopped these fiat transactions on its U.S. platform in June 2023, shortly after the Securities and Exchange Commission filed a lawsuit against Binance, Binance.US, and its co-founder Changpeng Zhao for several charges, including breaking securities laws.
Also read: Binance CEO on U.S. Crypto Policy: ‘Reset and Restart’ Under Trump
Binance stated that despite its “significant efforts” to work with an SEC investigation since December 2020, the lawsuit that followed caused problems for its banking partners. This situation turned Binance.US into a crypto-only exchange for a while, and its market share dropped even though it still offered over 160 cryptocurrencies.
Previously, Binance.US had about 10.8% of the market share based on U.S. dollar exchange volume, but by January 2025, this had dropped to nearly 0.1%.
Trump Offers Crypto a ‘Fresh Reset’
Binance CEO Richard Teng believes that crypto is entering its “golden era” because Donald Trump has become the U.S. President. However, the company is still cautious about expanding in the U.S. because of unclear regulations.
In an interview on Bloomberg Television, Teng discussed that the Trump presidency could mark a new beginning for the crypto sector. He criticized the U.S. Securities and Exchange Commission’s (SEC) tough enforcement and lawsuits against crypto companies during Joe Biden’s term, noting that governments globally are now becoming more supportive of cryptocurrency.
Teng noted that while he anticipates more favorable U.S. regulations in the future, Binance’s expansion plans in the U.S. are currently on hold. The U.S. branch of Binance offers fewer trading options and features compared to its main platform.
Moreover, following legal challenges from the SEC and complications with its former CEO, Changpeng “CZ” Zhao, multiple banks have cut ties with Binance, reducing its service availability and market share in the U.S.
