Binance.US, the U.S. subsidiary of cryptocurrency giant Binance, has announced its intention to reinstate U.S. dollar (USD) services by early 2025. This ambitious plan marks a crucial turning point after several years of intense legal challenges that deeply impacted its operations and market reputation.
In a recent statement, interim CEO Norman Reed called attention to the regulatory hurdles in the United States, particularly criticizing the Securities and Exchange Commission (SEC) for what he described as unnecessary harm inflicted on the crypto industry. Reed noted that despite a 17-month investigation, the SEC has yet to present substantial evidence of any wrongdoing by Binance.US.
A Difficult Transition Towards a New Start
The company’s legal troubles began in June 2023 when the SEC accused Binance.US of offering unregistered investment products and engaging in fraudulent practices. This led to the suspension of USD deposits, the cessation of all fiat currency operations, and a complete transition to a crypto-only platform. Compounding these issues, Binance.US also lost its money transmitter license in seven states due to regulatory non-compliance, further limiting its ability to operate within the U.S. financial system.
In November 2023, Binance and its founder, Changpeng Zhao, reached a settlement with the U.S. Department of Justice, admitting to charges of money laundering. This settlement resulted in a substantial fine and Zhao’s resignation as CEO, signaling a period of significant restructuring for the company.
Looking ahead to 2025, Reed expressed optimism about the potential for a clearer regulatory framework, especially with SEC chair nominee Paul Atkins, who has a reputation for supporting financial innovation. As part of its comeback strategy, Binance.US plans to introduce new features and expand its product offerings over the coming months to regain its position in the market and restore user trust.
Reed stated:
“I strongly believe that 2025 will be a breakout year for Binance.US, and our teams are hard at work building a comeback story for the ages.”
The crypto industry is closely monitoring these developments, as the outcome of Binance.US’s efforts could set a major precedent for how digital assets are regulated in the United States, potentially shaping the future of the industry.
