Binance.US intends to restore USD service by early 2025. This is a sign of a brighter digital asset future in the US.
Interim CEO Norman Reed said Wednesday that the current SEC Administration has caused significant damage to American consumers and crypto industry, Binance.US included.
The SEC accused a subsidiary of securities law violations in June 2023. The SEC claimed that the subsidiary offered unregistered investments and engaged in antifraud practices.
later lost the money transmitter license in seven states . The licenses were revoked by these states because the company did not meet the requirements or protect citizens against illegal activities.
Binance.US CEO highlights lack of evidence in SEC investigation after 17 months
Binance and its former CEO Changpeng Zhao settled with the US Department of Justice in November 2023. They admitted to charges of money laundering.
The company was fined as a result. Zhao resigned from his position as CEO.
The SEC had requested a court order freezing its assets. These legal challenges forced Binance.US to take swift action. In early June 2023, the US arm suspended USD deposits after it was challenged by the SEC. Binance.US had switched to a crypto platform by July 2023 and stopped USD trading and withdrawals. The company encouraged users to convert USD to stablecoins such as USDT in order to continue crypto to crypto trading.
Reed stated that Binance.US engaged in discovery over the last 17 months. Binance.US gave hours of depositions, and fulfilled hundreds of document requests.
He added that “tellingly, the SEC had not provided any evidence of wrongdoing despite keeping a close watch on the company.”
Binance.US Expects Regulatory Clarity in 2025 and a Strong Rebound
Reed said that Binance.US is looking forward to a clearly defined regulatory framework in the US for digital assets. He hopes SEC Chair nominee Paul Atkins can help the industry achieve this goal.
Binance.US is planning to introduce new features and expand its product line in the months ahead as USD services return.
Reed stated, “I am convinced that Binance.US will have a breakthrough year in 2025. Our teams are working hard to create a comeback tale for the ages.”
