Norman Reed, interim CEO of Binance.US, announced that the platform is nearing the full restoration of its services within the United States. In a recent blog post, Reed assured users that the return of USD services is “not a matter of if, but when,” adding that the restoration remains a top priority for early 2025.
The move is in response to strong user demand, as many have requested the ability to transfer funds in and out of the platform seamlessly. Reed emphasized Binance.US’s commitment to meeting these expectations as part of its broader effort to regain user trust and strengthen its presence in the U.S. market.
The interim CEO also shared his outlook for Binance.US and the crypto industry as the new year approaches. He identified 2024 as a pivotal year filled with challenges and regulatory hurdles. Despite these obstacles, he expressed optimism for 2025 and described the future of digital assets in the U.S. as bright.
The platform faced significant setbacks in June 2023, when the Securities and Exchange Commission (SEC) filed civil claims against Binance.US, mirroring similar actions taken against other crypto firms. In response, Binance.US adopted a crypto-only model and temporarily suspended fiat on-ramps, limiting its ability to offer certain services.
Reed attributed the regulatory challenges to a deliberate effort by the outgoing administration to block crypto and fintech companies from accessing banking services. He criticized the SEC for undermining its principles of transparency and fairness, arguing that the agency’s actions have stifled innovation and deprived U.S. consumers of secure, blockchain-powered financial solutions.
Despite these headwinds, Reed remains confident that Binance.US will prevail in its ongoing legal battle with the SEC, pointing to the lack of evidence of wrongdoing despite extensive scrutiny.
In addition to restoring USD services, Binance.US is focused on enhancing its platform’s features. Planned updates include low-fee trading, an expanded range of cryptocurrency offerings, and staking options for over 20 assets. Reed highlighted the company’s intention to broaden its product suite, improve infrastructure, and introduce enhanced wallet solutions to serve its users better.
While Binance.US navigates regulatory challenges at home, Binance Global focuses on international expansion. Richard Teng, Binance Global CEO, stated in a December 9 interview that the company prioritizes compliance and growth in global markets rather than immediately re-entering the U.S. market.
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