Interim Binance.US CEO Norman Reed said Tuesday that his company will bring back dollar (USD) services in the US by early next year. In a December 18 blog post, Reed confirmed that its platform is now ‘closer than ever’ to achieving this goal, with it reaffirming its commitment to be a top tier crypto platform with competitive fee rates and attractive rewards.
It also is following a period of drama for Binance.US, which was sued by the U.S. Securities and Exchange Commission (SEC) in June 2023. It accused Binance of not becoming registered as an exchange in the U.S., which triggered its cracking of USD deposits.
Binance.US Becomes Crypto-Only
In October 2023, Binance.US pivoted again when it updated its terms of service to make it a “crypto-only exchange.” Reed’s optimism is in stark contrast to comments from Binance CEO Richard Teng on December 9, when he told Bloomberg TV that discussing the platform’s return to the U.S. market ‘is something that’s a bit premature.’
“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. I welcome everyone to join us in taking Binance.US to the next level […]”
Reed cites Binance.US’ plans for growing further in his post, to include growth of its platform via strategic partnerships, expanded custody services, new wallet solutions. It still supports trading on 160 crypto assets, staking on over 20 crypto sets, and trading on 0% fees BTC / USDC sets.
US crypto trading has faced difficulties as BNB.US, launched in 2019 to provide regulated crypto trading to U.S. residents, has featured in several regulatory difficulties. BNB agreed in November 2023 to pay a $4.3 million settlement with the U.S. government for violations of sanctions, money laundering and acting as an unlicensed money transmitter.
BNB will need to undergo compliance measures, like taking the entire BNB corporate blockchain off the U.S. market, according to the Treasury Department. Despite these hurdles, Reed also believes in the future of the platform and said, “With the return of USD we are dedicated to continuing to be the best crypto platfrom with low fees and high rewards.”
BNB.US is getting ready for a momentous 2025 and striving to restore trust and bring further products to the highly regulated jurisdiction, the first signals of which could signal their new direction in the USA.
