Zinger Key Points
- Users can now access fee-free USD deposits and withdrawals through bank transfers and trade over 160 cryptocurrencies on Binance.US.
- Binance.US's COO cites regulatory pressures after FTX collapse as hampering business, forcing staff reductions, and restricting fiat access.
- Get two weeks of free access to pro-level trading tools, including news alerts, scanners, and real-time market insights.
Binance.US has restored its U.S. dollar deposit and withdrawal services, gradually rolling out access to eligible customers after being unable to process fiat transactions under the regulatory climate in the Joe Biden administration.
What Happened: Users will be able to transfer funds via ACH bank transfers without fees and continue trading, converting, and buying over 160 cryptocurrencies on the platform, according to the exchange.
The exchange, which has operated as a crypto-only platform since July 2023, faced severe restrictions following regulatory scrutiny from the Securities and Exchange Commission under former Chair Gary Gensler.
The increased oversight came in the wake of the FTX collapse, with Binance.US becoming a key target.
Despite significant setbacks, including a steep decline in trading activity and a workforce reduction of nearly 70 percent, the company remained operational.
According to Binance.US Chief Operating Officer Christopher Blodgett, the restrictions dealt a significant blow to the platform's market position.
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Before losing fiat capabilities, Binance.US was competing closely with Kraken as the second or third-largest cryptocurrency exchange in the United States.
He acknowledged the impact of regulatory actions but emphasized that the company has streamlined its operations to become more efficient.
Blodgett also noted that Binance.US has partnered with multiple banks to facilitate fiat transactions, though the specific institutions have not been disclosed.
While Binance.US is affiliated with the global Binance platform, it functions as an independent entity in the U.S.
What’s Next: The return of fiat services represents a key milestone for Binance.US as it works to reestablish its position in the American cryptocurrency market after months of operational limitations.
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