Binance.US To Bring Back US Dollar Services Next Year
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Binance.US has shared a plan to bring back US dollar (USD) services next year. Norman Reed, the company’s temporary Chief Executive Officer, explained that the firm hopes to allow people to withdraw and deposit US dollars by early 2025. This is good news for users after the company had to stop USD services last year.
The problem started when the United States Securities and Exchange Commission (SEC) raised concerns about Binance.US and how it was working.
These concerns caused the company to stop offering USD withdrawals and focus only on cryptocurrency trading. This decision made it harder for many people to use the platform as they used to.
Binance.US Aims To Lessen Trading Fees
Norman said the company wants its platform to be more helpful for users. It plans to lower trading fees and let people trade Bitcoin without extra costs. Binance.US is also working on giving more support for staking, where users earn rewards by keeping certain cryptocurrencies.
Binance.US is working hard to bring back US dollar services soon. Norman couldn’t say the exact time, but he said it would happen soon. He believes digital money will be an important part of finance in the future.
In June last year, the Securities and Exchange Commission filed a case against Binance.US, saying it broke rules by acting as an unregistered exchange. Binance.US had to stop offering US dollar services and is now only using cryptocurrencies.
According to the update, there were concerns about a service named Ceffu. The Securities and Exchange Commission reported that this service helped move US customer funds abroad. Binance.US said this was not true, and even Changpeng Zhao, the company’s old leader, said Ceffu was never used. Still, this caused more arguments between Binance.US and the SEC.
Binance.US Faces Regulatory Issues In The United States
Binance.US said it had problems following the rules in some states. It lost its permission to work in places like Florida and North Dakota. Officials said the company didn’t follow the rules to keep users safe.
Due to these problems, Binance.US stopped accepting new users in some states. It is also not allowed to work in places like New York and Texas. These issues have slowed down the company’s work to earn its users’ trust again.
Norman said the company’s main goal is to bring back US dollar services. While he didn’t give a date, he promised that the team was getting closer to this goal. The company also wants to focus on improving its services and building a platform that users can trust.
With these plans, Binance.US wants to move on and forget about its problems. Users are waiting to see how the company will reach its goals and give more ways to trade in the future.
