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crypto.news 2025-02-19 14:23:53

Binance.US resumes USD transactions for the first time since SEC lawsuit

Binance.US resumes USD transactions for the first time since SEC lawsuit

Binance.US has reinstated U.S. 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. The suspension of fiat services followed a lawsuit from the U.S. Securities and Exchange Commission , 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. You might also like: Rent, mortgage, or just stack sats? First-time homebuyers hit historic lows as Bitcoin exchange reserves shrink Background 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; and the unregistered offer and sale of securities. The SEC accused Binance of artificially inflating trading volumes, diverting customer funds, and misleading investors about its surveillance controls. In response, Binance denied the allegations, stating that the lawsuit was “without merit.” In November 2023, Zhao agreed to resign from Binance and pay a $50 million fine as part of a guilty plea to U.S. federal charges. Binance also agreed to plead guilty and pay $4.3 billion in fines. 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. You might also like: XRP could see 200% price breakout with this new XRP rival following suit

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