(Bloomberg) -- Binance.US said its customers will soon be able to deposit and withdraw US dollars on the crypto exchange for the first time in almost two years.
A variety of US dollar-based services, including converting between crypto and the currency, will be made available beginning today, according to a statement from the Miami-based company on Wednesday. Binance.US has been operating as a crypto only exchange since such services were suspended in 2023 due in part to the lack of support from banking partners amid a clampdown by US regulators.
The restoration of dollar-based services on Binance.US is the latest example of digital-asset firms positioning themselves for a more crypto-friendly regulatory regime in the US under the second Trump administration. A slew of crypto companies have said they’re considering going public.
Binance Holdings Ltd. co-founder Changpeng “CZ” Zhao, pleaded guilty in November 2023 for failing to implement an adequate money laundering program and stepped down as head of the exchange. At the same time, Binance pleaded guilty to anti-money laundering and sanctions law violations and agreed to pay $4.3 billion to resolve investigations with the Justice Department and other US regulators.
Binance.US said it is an independent and separate company from Binance, which operates the much larger Binance.com platform.
Binance.US’s customer assets saw a sharp drop in the past few years amid the halt of using US dollars on the platform and increasing scrutiny from regulators. While the exchange serves American customers, its relative size means any change would have little impact on the larger Binance’s hold over the broader crypto market as the world’s largest exchange.
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