Binance.US Restores USD Fiat Services After Biden Admin Chokepoint Campaign

Binance.US, a regulated cryptocurrency exchange serving American customers, has finally seen its US dollar fiat services restored, after the firm's ability to handle USD deposits and withdrawals was choked out of existence under the Biden administration.

Binance.US Resumes USD Fiat Services After Biden Admin Crackdown

American cryptocurrency exchange Binance.US has announced the resumption of its United States dollar fiat services, following a period of suspension imposed by the Biden administration.

Beginning Wednesday, eligible Binance.US customers will regain access to fiat services, which include depositing and withdrawing USD with no fees using bank transfer (ACH), as well as continuing to buy, sell, convert and trade over 160 cryptocurrencies, the company said in a press statement.

The access to fiat services will be gradually rolled out to all eligible customers over the coming days, Binance.US said.

The development comes after a sustained regulatory campaign against Binance. An overzealous Securities and Exchange Commission (SEC), led by chair Gary Gensler, decided post-FTX that Binance.US must be guilty of something, and the regulator did its best to snuff out the firm.

Despite losing billions in business and being forced to cut 70% of its staff, Binance.US continued to operate as a crypto-to-crypto-only exchange from July 2023 until the present day.

“Before we lost fiat, we were neck and neck with Kraken as the second or third largest US exchange, but obviously, we’ve fallen off significantly thanks to Operation Chokepoint 2.0, the SEC and all that mess,” said Binance.US Chief Operating Officer Christopher Blodgett in an interview.

“We've made some very hard but healthy decisions in terms of our cost structure and right-sizing, and we've never been leaner or meaner or more ready to deliver an excellent product at a reasonable price – and today's the day,” he said.

Blodgett said the firm currently has several banking partners in the mix, as well as the firm the exchange is going live with today, which was not named at this time.

Binance.US is affiliated with the global Binance platform but operates as a separate U.S. company.