Binance.US Gears Up for 2025 Comeback with USD Services and Expansion Plans
Highlights:
- Binance.US plans to restore USD services following regulatory challenges.
- Interim CEO Norman Reed criticizes the SEC for harming consumers and the crypto industry.
- Reed believes the next year will be a breakout year for Binance.US with new partnerships.
Binance.US, the US-based arm of the global Binance crypto exchange, has announced plans to restore its USD services in early next year. This is the exchange’s first major change since suspending fiat trading due to regulatory pressure last year.
“While I can’t provide a definitive launch date yet, let me be clear: It is not a matter of if, but when,” interim CEO Norman Reed said in the statement on Wednesday. He criticized the current Securities and Exchange Commission (SEC) administration. Reed said the agency has significantly harmed American consumers and the crypto industry.
With 2025 on the horizon, our teams are hard at work building a comeback story for the ages.
Norman Reed, our Interim CEO, reflects on the past year and shares his outlook for 2025—including a small update on USD services.
Learn more 👇https://t.co/BvbGGosSlg pic.twitter.com/d0ZXxXUKuc
— Binance.US 🇺🇸 (@BinanceUS) December 18, 2024
In June last year, the SEC accused the subsidiary of breaching securities laws. The allegations included offering unregistered investment products and involvement in anti-fraud practices. Binance.US suspended USD deposits just a few days after the lawsuit was filed. However, the company eventually found a temporary solution for USD deposits. The company advised users to convert USD into stablecoins like USDT to keep trading crypto-to-crypto.
The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. https://t.co/AZwoBOgsqS and our business partners have not been spared in the use of these tactics, which has created… pic.twitter.com/rlIe6swIoY
— Binance.US 🇺🇸 (@BinanceUS) June 9, 2023
Binance and former CEO Changpeng Zhao reached a settlement with the US Department of Justice previous year. They admitted to money laundering charges. As a result, the company was fined, and Zhao resigned as CEO.
‘The Fight Isn’t Over’
Reed stated that, over the past 17 months, Binance.US has participated in the discovery process. The company provided hours of depositions and fulfilled hundreds of document requests. Despite the regulatory challenges, the exchange claims it has maintained steady operations. The exchange faced multiple probes over alleged financial misconduct and compliance.
He stated:
“To be clear, the fight isn’t over. Now that we’ve survived, our goal is to help crypto thrive and empower all Americans with freedom of choice. We look forward to writing this next chapter together with our community.”
Binance.US CEO Anticipates Next Year’s Breakout with New Partnerships and Clarity
Reed expressed that Binance.US is eager for a clear regulatory framework for digital assets in the US. He hopes SEC chair nominee Paul Atkins will guide the industry toward this goal.
The company plans to launch new releases in the coming months. Reed said the company is forming new partnerships to improve infrastructure. This includes expanding custody and introducing wallet solutions.
Reed added:
“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.”
The interim CEO also said Binance.US is focused on becoming the “best crypto platform for low fees and high rewards.” He mentioned that the exchange still offers features like a 0% fee for Bitcoin trading on BTC/USDC. He added that Binance.US supports the trading of 160 cryptocurrencies and staking for over 20 crypto assets.
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Syed Ali Haider
Syed Ali Haider is a contributing crypto writer for Crypto2Community. He is a crypto and blockchain journalist with over six years of experience. Syed Ali is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years. Haider has been featured in a number of high-profile crypto and finance outlets, including Coincult and more.
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