In a latest development, Binance. US plans to resume USD services in early 2025, anticipating changes in U.S. crypto regulations. The exchange halted fiat operations in 2023 due to regulatory pressure and SEC claims.
Interim CEO Norman Reed noted on Wednesday that the current SEC administration has caused significant harm to American consumers and the crypto industry, including Binance.US.
With 2025 on the horizon, our teams are hard at work building a comeback story for the ages.
Norman Reed, our Interim CEO, reflects on the past year and shares his outlook for 2025—including a small update on USD services.
Learn more 👇https://t.co/BvbGGosSlg pic.twitter.com/d0ZXxXUKuc
— Binance.US 🇺🇸 (@BinanceUS) December 18, 2024
SEC’s Regulatory Assault
In June 2023, the SEC accused the subsidiary of violating securities laws. It alleged the company offered unregistered investment products and engaged in anti-fraud practices. The platform has operated under restricted banking access since June 2023, when SEC civil claims triggered a suspension of dollar deposits and withdrawals.
He noted that a key part of this regulatory assault was a concerted initiative by the outgoing administration to unjustly deny cryptocurrency and fintech businesses access to banking services. Reed argues that the SEC’s resistance to innovation has hindered the U.S. financial system’s potential and blocked most Americans from accessing the benefits of blockchain technology.
Going Ahead With Optimism
Despite ongoing legal battles with the SEC, he is optimistic, emphasizing that the SEC has failed to provide evidence of any wrongdoing after 17 months of compliance. Looking forward, with Paul Atkin’s nomination as the next SEC Chair, he foresees a clear regulatory framework for digital assets in the U.S.
As USD services prepare for a return, Binance.US plans to launch new features in the coming months and expand its product lineup.
“While I can’t provide a definitive launch date yet, let me be clear: It is not a matter of if, but when,” interim CEO Norman Reed said in the statement. “We are closer than ever to restoring USD services and our plan is to achieve this important milestone in early 2025,” he added.
He underscored that the platform offers unique features, including 0% fee Bitcoin trading on BTC/USDC, which no other major U.S. crypto platform provides. It also supports 160 cryptocurrencies and staking for over 20 assets, offering more options than any other major on-chain staking platform in the U.S.
He strongly believes that 2025 will be a breakout year for Binance.US, with the teams working hard at building a comeback story for the ages.
Credit: Source link
