Can Binance Make a Comeback in the US Under Donald Trump.
Binance. The US intends to reinstate USD services in early 2025, indicating a significant operational shift following restricted banking access. This move is influenced by growing optimism regarding potential shifts in US crypto policies.
In June 2023, the SEC filed civil claims against Binance.US. The exchange was required to convert to crypto-only transactions and suspend fiat on- and off-ramps. These actions significantly hampered the exchange's ability to provide customer services.Binance. The US faced regulatory scrutiny and restricted banking capacities, which resulted in the suspension of dollar deposits and withdrawals.
Binance. The US intends to restore USD services and is developing new collaborations to increase custody services and wallet options. The exchange has remained operational, serving over 160 cryptocurrencies.
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Norman Reed, Interim CEO of Binance.US, expressed confidence in the company's compliance record following 17 months of SEC inspection.
Binance.US considers the reinstatement of fiat capabilities to be the "top-requested and most anticipated" feature by users.The appointment of Paul Atkins as the next Chairman of the SEC is considered as a move toward a more transparent regulatory environment for digital assets in the United States.
The Republican government, led by President Donald Trump, is expected to implement regulatory changes that benefit the cryptocurrency business.
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The exchange and the SEC submitted a combined move to suspend the regulator's case against Binance, inspired by a newly formed task force.Some analysts perceive this as a change toward a more crypto-friendly stance, consistent with President Trump's pledge to promote the United States as a prominent worldwide hub for the crypto industry.
The SEC is anticipated to assess pending litigation, including instances involving Binance, and may reallocate enforcement resources to other areas.
While Binance.US plans to restore its USD service, Binance's global operations are hesitant about re-entering the US market. It is still too early to say whether Binance will re-enter the US market, since the exchange's major focus is on global development and courting institutional investors.