Donald Trump's moderate approach to cryptocurrencies after his election as US president has increased expectations of positive changes in US cryptocurrency policy.
At this point, BinanceUS, the US arm of the world's largest cryptocurrency exchange Binance, said that it aims to restart USD services in early 2025 in the face of expected changes in US cryptocurrency policy.
The announcement comes after regulatory pressure in the US forced the exchange to suspend fiat trading last year.
BinanceUS suspended dollar deposits and withdrawals in June 2023 as a result of the SEC's lawsuits and has been operating with restricted banking access since then.
“I can't yet give a firm launch date for USD trading to resume, but let me be clear: It's not a question of if, it's a question of when,” interim CEO Norman Reed said in a statement.
BinanceUS said that despite regulatory hurdles, the company has maintained stable operations despite the investigation it faces over compliance and alleged financial violations.
The CEO said in his statement that despite Binance.US’s restrictive activities and investigations, it continued to support 160 cryptocurrencies and provide staking services for more than 20 assets during this period, which is much more than its closest competitors.
The CEO noted that BinanceUS survived the SEC’s 17-month investigation, which included numerous depositions and hundreds of document requests, and that he was confident that the SEC could not find any evidence of wrongdoing on the exchange’s part.
“Now that we are alive, our goal is to help crypto thrive and provide freedom of choice to all Americans.”
*This is not investment advice.
