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Binance.US, the United States-based arm of global cryptocurrency exchange Binance, plans to resume US dollar services early next year, according to interim CEO Norman Reed.
Binance.US is “closer than ever” to restoring USD services and targets achieving this milestone in early 2025, Reed said in a blog post on Dec. 18.
“Alongside the return of USD, we are committed to cementing our reputation as the best crypto platform for low fees and high rewards,” he added.
Reed’s remarks came days after Binance CEO Richard Teng said it was too early to discuss whether the exchange might re-establish itself in the US, during a Bloomberg TV interview on Dec. 9.
“2025 will be a breakout for Binance.US”
In line with Reed’s positive perspective on the Binance.US journey, the company plans new releases in the coming months as it continues to expand its products.
“We’re leveraging new and impactful partnerships to improve our exchange infrastructure with expanded custody offerings, new wallet solutions, and other benefits,” Reed noted, adding:
“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 [...]”Additionally, the interim CEO said that Binance.US is committed to cementing its reputation as the “best crypto platform for low fees and high rewards.”
Binance.US interim CEO Norman Reed. Source: LinkedIn
“We continue to offer unbeatable features such as 0% fee Bitcoin trading on BTC/USDC,” he wrote, adding that the exchange supports trading 160 cryptocurrencies and staking for more than 20 crypto assets.
What happened to Binance.US?
Binance.US launched in 2019 to provide regulated crypto trading services to residents of the United States.
In June 2023, the US Securities and Exchange Commission sued Binance, accusing the firm of failing to register Binance.US as an exchange.
Binance.US announced its potential comeback to the US in early 2025. Source: Binance.US
Binance.US suspended US dollar deposits after the lawsuit was filed but eventually found a temporary USD deposit solution.
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In October 2023, Binance.US updated its terms of service, stating that the exchange would no longer support USD. The exchange said it wanted to transform into a “crypto-only exchange” in June 2023.
In November 2023, Binance entered a $4.3 million settlement with the US government for sanctions violations, money laundering and operating as an unlicensed money transmitter.
At the time, the Treasury Department said that Binance would have to ensure significant compliance undertakings, including “Binance’s complete exit from the United States.”
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