Binance.us has restored US $ and withdrawal for the first time since June 2023, when regulatory pressure forced the exchange to stop fiat services.
Update The eligible users allow users to deposit and withdraw USD via transfer and trade crypto using USD pairs.
The suspension of FIAT services prosecuted a case with the US Securities and Exchange Commission, who accused Binance.us of violating securities laws. Since then, the platform has mainly operated as a crypto-cavalry exchange, which limits user options for Fiat transactions.
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In June 2023, SEC Filed a case Binance.us and its founder, against Changpeng Jhao, accusing 13 violations of securities laws. The allegations included unregistered exchanges, operating broker-dealers and clearing agencies; Binance.US Platforms trading controls and incorrectly presenting the oversight; And unregistered proposals and sales of securities.
The SEC accused Benance of artificially inflating trading volumes, removing customer funds and misleading investors about their surveillance control.
In response, Benance denied the allegations, stating that the lawsuit was “without qualification”.
In November 2023, Zhao agreed to resign from Benance and pay a fine of $ 50 million as part of the petition guilty for American federal allegations. Benance also agreed to be guilty and payment of $ 4.3 billion in fine.
By February, SEC and Benance jointly requested a 60-day stagnation in the trial to detect potential proposals, reflecting a change towards a more crypto-friendly regulatory approach under the new administration.
