Binance.US resumes USD transactions for the first time since SEC lawsuit

Binance.us has restored the deposits and withdrawals of the US dollar for the first time since June 2023, when the regulatory pressure forced the scholarship to stop the Fiat services.

THE update Allows eligible users to deposit and remove the USD via banking transfer and commercial crypto using USD pairs.

The suspension of Fiat services has followed a prosecution American Commission for Securities and Exchangewho accused Binance.us of violating the laws on securities. Since then, the platform has mainly worked as an crypto exchange, limiting user options for Fiat transactions.

Background

In June 2023, the dry has filed a legal action Against Binance.us and its founder, Changpeng Zhao, alleging 13 violations of securities laws. The charges included the exploitation of unregistered exchanges, brokers and compensation agencies; Defend commercial controls and monitoring on the Binance.us platform; and the unregistered offer and the sale of titles.

The SEC has accused the binance of artificially inflating trading volumes, diverting customer funds and deceiving investors on its surveillance controls.

In response, Binance denied allegations, declaring that the trial was “without merit”.

In November 2023, Zhao accepted to resign Since Binance And pay a fine of $ 50 million as part of a guilty plea with American federal charges. Binance also agreed to plead guilty and pay $ 4.3 billion in fines.

In February, the dry and the binance jointly request A 60 -day break in the trial to explore potential resolutions, reflecting a change to a more friendly regulatory approach to crypto within the framework of the new administration.