Binance.US Plans to Resume USD Services in Early 2025, Says Interim CEO

Binance.US, the U.S.-based arm of the global cryptocurrency exchange Binance, has announced plans to restore U.S. dollar (USD) services by early 2025. In a recent blog post, interim CEO Norman Reed confirmed that the exchange is "closer than ever" to achieving this goal, marking a significant milestone in its recovery and growth in the U.S. market.

Reed expressed optimism about the future of Binance.US, stating that the platform is committed to solidifying its reputation as a top choice for cryptocurrency trading, offering "low fees and high rewards." The company is also planning to roll out new features and services over the next few months as it works to improve its infrastructure, expand custody offerings, and introduce new wallet solutions.

In addition to the return of USD services, Reed emphasized the company's belief that 2025 will be a pivotal year for Binance.US. "I strongly believe that 2025 will be a breakout year for Binance.US," Reed said, reflecting his confidence in the platform’s future. "Our teams are hard at work building a comeback story for the ages."

The announcement comes shortly after Binance CEO Richard Teng commented on the uncertainty surrounding the company’s return to the U.S. In a Bloomberg TV interview on December 9, Teng described it as “premature” to discuss Binance’s re-establishment in the U.S. market, signaling that while progress is being made, the full scope of the company’s future plans remains to be seen.

A Challenging Past

Binance.US, which launched in 2019 to provide regulated crypto trading services to U.S. residents, has faced significant challenges in recent years. In June 2023, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance, accusing the exchange of failing to register Binance.US as a securities exchange. This lawsuit led Binance.US to suspend U.S. dollar deposits, with the exchange ultimately deciding to temporarily cease supporting USD deposits entirely in October 2023. The platform also indicated its intention to shift towards becoming a "crypto-only exchange."

The company's troubles didn’t end there. In November 2023, Binance entered a $4.3 million settlement with the U.S. government over violations related to sanctions, money laundering, and operating as an unlicensed money transmitter. As part of this agreement, Binance was required to exit the U.S. market completely, with the U.S. Treasury Department emphasizing that Binance must meet extensive compliance requirements moving forward.

Despite these setbacks, Binance.US has continued to expand its offerings, supporting trading for 160 cryptocurrencies and staking services for over 20 crypto assets. The exchange has also maintained its commitment to providing competitive features, such as 0% fee Bitcoin trading on BTC/USDC pairs, making it a notable player in the cryptocurrency space.

Looking Ahead

As Binance.US prepares for its USD service comeback, Reed remains focused on creating a more robust platform with new partnerships and enhancements. The exchange's renewed efforts to bolster its infrastructure and customer offerings signal a strong commitment to long-term success in the U.S. market.

With 2025 fast approaching, Binance.US is looking to turn a new page in its history, promising to emerge stronger and more competitive in an ever-evolving market. Whether it will be able to navigate the regulatory hurdles and rebuild trust with U.S. users remains to be seen, but the exchange's plans for expansion and innovation suggest that it is poised for a significant comeback in the new year.