Well, well, well! It seems that Binance.US has decided to lift the veil of restrictions that had been hanging over its USD deposits like a dark cloud for nearly 18 months. On the 19th of February, they announced that US customers can once again deposit and withdraw their hard-earned dollars via the good ol’ bank transfer (ACH). 🎉
Now, users can link their bank accounts to this digital wonderland, allowing them to deposit or withdraw USD, purchase crypto with the ease of a Sunday stroll, and trade on USD pairs. It’s like Christmas morning, but for your wallet! 🎁
What in the Sam Hill Happened to Binance.US’s USD Deposits? 🤔
As the USD services make their grand return, Binance.US customers can now link their US bank accounts to their Binance accounts. They can buy and sell crypto directly using bank transfers, which is a far cry from the days of yore when they had to jump through hoops like circus performers. 🎪
At present, only a select ten cryptocurrencies can be traded directly using USD. This illustrious list includes Bitcoin, Stellar, Solana, Ethereum, Dogecoin, Hedera, Shiba Inu, Cardano, Sui, and BNB. Quite the party, wouldn’t you say? 🥳
But let’s not forget the reason for the hiatus: Binance.US had to put the brakes on its USD deposit and withdrawal services after a rather public tussle with the SEC, which was akin to a catfight at a tea party. 🐱👤
In June 2023, the SEC decided to throw a wrench in the works by suing Binance.US for allegedly operating as an unregistered securities exchange. This little legal kerfuffle caused their banking partners to slam the door on USD transactions faster than a raccoon in a garbage can. 🦝
In light of this regulatory ruckus, Binance.US had to pivot to a crypto-only model for certain regions, which was about as popular as a skunk at a garden party. 🌼
“Binance.US and the SEC filed a joint motion requesting a 60-day stay in the lawsuit. The Court approved the stay. We are hopeful that this stay will allow Acting Chair Uyeda and the newly formed crypto task force to productively engage with Binance.US and reach a swift resolution to our case,” the exchange wrote on February 14. Sounds like a plan, right? 🤞
While trading and crypto-related functions continued to chug along like a train on a well-oiled track, users were left high and dry without the ability to directly deposit or withdraw USD until new, compliant banking partners were found. Talk about a cliffhanger! 📉
But lo and behold, today’s resumption of USD deposits is likely a result of the pro-crypto regulatory changes in the good ol’ US of A. It’s a new dawn, a new day, and a new chance to fill those wallets! 💰
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2025-02-19 17:56