Binance.US Aims to Restore USD Services as Gary Gensler Departs

With a crypto-friendly regime expected to take over the Securities and Exchange Commission after Donald Trump’s inauguration, Binance.US plans to reinstate its links to the U.S. banking system.

In a blog post, the U.S. affiliate of top global cryptocurrency exchange Binance announced that it expects to begin allowing customers to on- and off-ramp U.S. dollars early next year.

“While I can’t provide a definitive launch date yet, let me be clear: It is not a matter of if, but when,” said interim CEO Norman Reed in a Dec. 18 blog post. “As I’m writing this, we are closer than ever to restoring USD services, and our plan is to achieve this important milestone in early 2025.”

What’s changed, he said, is the imminent departure of SEC Chairman Gary Gensler, whom the crypto industry blames for holding back the industry through overzealous enforcement and an unwritten policy of regulation by enforcement.

“We now know that a key part of this regulatory assault was a concerted initiative by the outgoing administration to unjustly deny cryptocurrency and fintech businesses access to banking services,” Reed said, referring to the so-called Operation Choke Point 2.0.

It’s not wishful thinking. Earlier this month, David Sacks, the incoming White House A.I. and Crypto Czar, said there would be an investigation of Choke Point 2.0, saying “there are too many stories of people being hurt.”

Chased Out

Binance.US was forced to abandon USD services shortly after the SEC filed a lawsuit against the exchange in June 2023, pivoting to become a crypto-only exchange.

Since then, despite “​​countless hours of depositions and complying with hundreds of document requests,” Reed said the SEC has not filed any charges against Binance.US.

While the case is ongoing, he made clear that he thinks that’s a temporary state of affairs. “We’ve survived the SEC's overreach,” said Reed, himself a veteran of the agency.