As a seasoned researcher with a keen interest in the dynamic world of cryptocurrency exchanges, I find the recent developments at Binance.US particularly intriguing. The interim CEO, Norman Reed, paints an optimistic picture for 2025, promising a comeback that could well be a blockbuster event in the crypto space.
The U.S. division of the international Binance cryptocurrency exchange, Binance.US, intends to reactivate its USD (United States Dollar) services in the early part of next year, as announced by interim CEO, Norman Reed.
Binance.US is getting very close to resuming US Dollar services and aims to reach this goal by the beginning of 2025, according to a blog post by Reed on December 18th.
Additionally, with the resurgence of the US dollar, we aim to solidify our standing as the top cryptocurrency platform offering both minimal transaction costs and substantial benefits,” he further stated.
Reed’s comments followed Richard Teng, CEO of Binance, stating in a Bloomberg TV interview on December 9 that it was premature to talk about Binance potentially returning to the U.S. market at this time.
“2025 will be a breakout for Binance.US”
As a forward-thinking crypto investor, I’m excited about the promising direction Binance.US is heading. Over the next few months, they plan to unveil new product offerings, further broadening their horizon and enhancing my investment opportunities.
Reed pointed out that we’re utilizing significant and beneficial collaborations to enhance our trading platform by offering extended custodial services, innovative wallet options, and additional perks,” or simply, “We’re partnering with key entities to upgrade our exchange system through extended custody solutions, new wallet functionalities, and more advantages.
“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 […]”
Furthermore, the temporary CEO emphasized that Binance.US remains dedicated to establishing itself as a leading cryptocurrency platform, offering low transaction fees and attractive returns.
He mentioned that they are still providing unique advantages like commission-free Bitcoin trading between BTC and USDC, along with that. Notably, this platform facilitates the trading of over 160 different cryptocurrencies and provides staking options for more than 20 distinct crypto assets.
What happened to Binance.US?
In 2019, Binance.US was introduced as a platform for secure and compliant cryptocurrency trading, catering specifically to American residents.
In June 2023, the United States Securities and Exchange Commission filed a lawsuit against Binance, alleging that Binance.US had not been properly registered as an exchange.
After the lawsuit, Binance.US temporarily halted U.S. dollar deposits, however, they later discovered an interim method for accepting U.S. dollar deposits.
By October 2023, Binance.US made changes to their service agreement, indicating they would discontinue using USD. Earlier in June 2023, the platform had announced its intentions to transition into a purely cryptocurrency-based exchange.
In November 2023, Binance agreed to a $4.3 million fine with the U.S. authorities for breaking sanctions, engaging in money laundering activities, and functioning as an unregistered money service provider.
Currently, the Treasury Department has stated that Binance needs to fulfill substantial compliance requirements, which may involve Binance completely leaving the U.S. territory.
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2024-12-19 13:25