Binance.US Reinstates US Dollar Deposits and Withdrawals

Binance.US has reinstated US dollar deposits and withdrawals for the first time since June 2023, when regulatory pressure forced the exchange to halt fiat services. The update allows eligible users to deposit and withdraw USD via bank transfer and trade crypto using USD pairs.

Background of the Suspension

The suspension of fiat services followed a lawsuit from the US Securities and Exchange Commission (SEC), which accused Binance.US of violating securities laws. Since then, the platform has operated primarily as a crypto-only exchange, limiting user options for fiat transactions.

SEC Lawsuit and Charges

In June 2023, the SEC filed a lawsuit against Binance.US and its founder, Changpeng Zhao, alleging 13 violations of securities laws. The charges included:

  • Operating unregistered exchanges, broker-dealers, and clearing agencies
  • Misrepresenting trading controls and oversight on the Binance.US platform
  • The unregistered offer and sale of securities

The SEC also accused Binance of artificially inflating trading volumes, diverting customer funds, and misleading investors about its surveillance controls.

Binance’s Response and Settlement

In response to the lawsuit, Binance denied the allegations, stating that the lawsuit was “without merit.” However, in November 2023, Zhao agreed to resign from Binance and pay a $50 million fine as part of a guilty plea to US federal charges. Binance also agreed to plead guilty and pay $4.3 billion in fines.

Shift Toward a More Crypto-Friendly Regulatory Approach

By February, the SEC and Binance jointly requested a 60-day pause in the lawsuit to explore potential resolutions, reflecting a shift toward a more crypto-friendly regulatory approach under the new administration.

Tips for Crypto Investors

As the crypto market continues to evolve, it’s essential for investors to stay informed about regulatory changes and their impact on the market. Here are some tips to keep in mind:

  • Stay up-to-date with the latest news and developments in the crypto space
  • Understand the regulatory environment and its potential impact on your investments
  • Diversify your portfolio to minimize risk

For more news and updates on the crypto market, visit Global Crypto News.

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