Binance.US has recently bolstered its compliance framework to address regulatory criticisms. The company has hired hundreds of former law enforcement and regulatory professionals.
Binance.US has recently revealed plans to reinstate USD services by early 2025. This marks a major step for the exchange, which has operated under restricted banking access since June 2023 due to mounting regulatory pressure.
In a recent interview, interim CEO Norman Reed emphasized that the resumption of fiat trading is not a question of “if, but when”.
The suspension of USD services began in mid-2023 when the SEC, under Gary Gensler’s leadership, filed a lawsuit against Binance.US. Allegations included failure to register as a clearinghouse and broker, wash trading, and commingling of customer funds with Binance’s global operations. The fallout saw the exchange lose operating licenses in several states and ultimately restrict its services in the US market after Binance reached a $4.3 billion settlement with the Department of Justice.
Reed, a former SEC enforcement official, framed the company’s challenges as part of what he described as “Operation Chokepoint 2.0” — a concerted effort by certain US government factions to cut off crypto firms from essential banking services. Meanwhile, recent revelations have also fueled accusations against regulatory agencies of intentional debanking efforts against crypto firms. Coinbase’s Chief Legal Officer Paul Grewal recently cited the need for transparency in these actions.
Despite these hurdles, Binance.US has continued to provide services to its users, offering support for 160 cryptocurrencies and staking for over 20 digital assets. Reed stated these efforts as evidence of the platform’s resilience. He also revealed that the exchange is planning to expand custody services and wallet solutions, signaling a forward-looking approach to user needs.
Binance.US Revamped Compliance
It is important to note that Binance.US has recently bolstered its compliance framework to address regulatory criticisms. The company has hired hundreds of former law enforcement and regulatory professionals. It has also implemented robust anti-money laundering (AML) and know-your-customer (KYC) measures, including ID verification and selfie authentication.
Additionally, Binance.US’s Investigations, Risk, and Compliance teams actively partner with local and federal agencies to assist with crypto-related investigations and provide blockchain training.
A More Crypto-Friendly America
Reed’s comments come at a time when the US crypto community is eagerly looking forward to the shift in regulatory agencies’ structures after the reelection of crypto-friendly Donald Trump. Trump has already announced a series of regulatory appointments aimed at building a more favorable environment for the digital asset industry.
Reflecting on the challenges of the past 18 months, Reed expressed confidence that the SEC has found no evidence of wrongdoing. “Now that we’ve survived, our goal is to help crypto thrive and empower all Americans with freedom of choice,” he said, signaling a new chapter for Binance.US.
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