USD Services Are Back!

Binance.US has resumed USD services, which will gradually roll out to all eligible customers in the coming days. You can now deposit USD by linking a bank account, purchase crypto via bank transfer (ACH), and trade on USD pairs.

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USD Services and Features

Binance.US has resumed USD services starting February 19, 2025. You can now deposit and withdraw USD by linking a bank account, with zero fees. Additionally, you can buy and sell crypto using bank transfers (ACH), and convert instantly between USD and crypto.

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USD trading pairs are available. Initially, BTC/USD, XLM/USD, DOGE/USD, SOL/USD, ETH/USD, ADA/USD, HBAR/USD, SHIB/USD, SUI/USD, and BNB/USD pairs will be available.

In addition, Binance.US users can earn rewards by staking Proof-of-Stake cryptocurrencies. Small balances under $20 can be converted to BNB, BTC, ETH, or USDT. You can also send, request, and receive crypto directly to and from your Binance.US wallet. Furthermore, large transactions up to $10,000 can be placed through the OTC trading portal.

Binance.US offers multiple features to make crypto trading easier. Creating a new account is simple, and you can buy your first crypto in just two minutes.

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Binance US Reveals XRP’s Origins and Technology

Binance US shared an X series (formerly Twitter) with updates on XRP. The series stated that the Ripple token was created in 2012 by David Schwartz, Jed McCaleb, and Arthur Britto. It also confirmed that the cryptocurrency uses the XRP Ledger Consensus Protocol, which is different from the traditional proof-of-work system used by Bitcoin.

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Among the information shared, it was also emphasized that the XRP Ledger has the capacity to process 1,500 transactions per second. This shows that XRP offers a significant advantage in terms of scalability and efficiency.

These insights from Binance US came just a few days after Ripple’s legal victory against the SEC, and have rekindled hope in the community. This update made by Binance US is considered a reflection of the increasing legal interest in XRP. Whether XRP will have an ETF in line with these developments is eagerly awaited.

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The ruling was signed by US District Judge Amy Berman Jackson in Washington DC.

According to the ruling, Binance.US will direct the assets of BAM Trading Services Inc. and BAM Management US Holdings Inc. with third-party investment advisors. Both entities operate in the US.

Binance.US must also transfer its crypto assets to a third-party custodian unaffiliated with the exchange. BAM will be able to invest customer fiat funds held at BitGo in US Treasury bonds.

However, these bonds must have a four-week maturity, Binance cannot be involved in the process in any way, and BAM must have enough money to meet customer withdrawal requests.

Judge Jackson is overseeing the SEC’s lawsuit against Binance. The SEC last year accused Binance and its former CEO, Changpeng Zhao, of lying to customers, not restricting US investor access to Binance.com, channeling capital to separate investment funds owned by Zhao, and operating as an unregistered exchange. Zhao is currently in jail on charges brought by the Justice Department.

Jackson largely rejected the SEC’s motion to dismiss its case against Binance last month, but did not accept some of the SEC’s claims that secondary sales of BNB were securities.

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In a post on X, Binance.US expressed anticipation for the case moving into further discovery. The company emphasized that the SEC has not yet identified any evidence of wrongdoing by Binance.US during the extensive 11-month discovery process. “We look forward to continuing the process and are confident in our compliance,” Binance.US stated.

The judge dismissed part of the SEC’s lawsuit against Binance and its founder, Changpeng Zhao, but upheld the majority of the charges against Binance.US. These charges include potentially offering unregistered investment products and violating anti-fraud provisions.

Binance.US highlighted in its post that it has always followed the “limited guidance” provided by the SEC to remain compliant. The company criticized the SEC’s approach, stating, “It is unfortunate that we, like many companies in our industry, have fallen victim to the SEC’s regulation by enforcement approach and politically motivated overreach under its current leadership.”

The SEC filed a lawsuit in June 2023 against Binance, Binance.US, and Zhao, alleging violations of securities laws. Currently, Zhao is serving jail time for charges brought by the Department of Justice.

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The suspension of Binance.US Florida license followed Binance CEO Changpeng Zhao’s November 21, 2023, guilty plea in federal court to allegations of breaking U.S. Anti-Money Laundering legislation.

The appeals court cited a state statute that said, if the agency gives justifications, the OFR “may” suspend a money-services business license “by any procedure that is fair under the circumstances.” The agency also did not go over less severe suspension choices. “The usage of’may’ in the statute [cited by the OFR] implies discretion rather than obligation,” the court concluded. It takes more justification than a simple citation to the law to suspend the license.

“For Petitioner to immediately comply with the ESO, it would be necessary to liquidate the digital asset holdings of every customer [which] threaten financial harm because of digital asset price fluctuations,” the court further concluded, endangering over 170,000 state account holders with substantial financial losses and tax obligations.

Appeals are possible against the appeal court’s ruling.

One week after Zhao made his request, the OFR suspended the Binance.US license. Of the various states to do so, it was the first. On March 25, Binance filed an appeal against the OFR ruling; the public cannot see that document. “New user onboarding is temporarily paused” in the state, according to Binance.US on its website.

Other states where Binance.US’s operations were halted or its license renewal was refused this year are Alaska, Maine, North Carolina, and Oregon. It is unknown how things stand in Ohio and Georgia. It never ran as a bitcoin exchange in Vermont, Texas, Minnesota, Hawaii, or New York.

The post Binance.US Secures Victory in Florida License Appeal appeared first on Coin Engineer.

In accordance with the recent announcement by Binance US, Aragon (ANT) and Waves (WAVES) will be delisted effective March 7. Waves, in particular, has witnessed a significant downturn from its peak amidst rumors of team-driven price inflation, subsequently failing to rebound as anticipated. Binance issued the following statement:

“In an ever-evolving landscape, our oversight of digital assets is attuned to market dynamics and regulatory shifts. Should a cryptocurrency no longer meet our stringent criteria or should industry conditions shift, we conduct a comprehensive assessment of the asset in question to determine the need for further action, including delisting.

Binance Adds Newly Listed Altcoin to Futures

Deposits for Aragon (ANT) and Waves (WAVES) will be halted by March 6, 2024, with trading pairs being removed on March 7. We extend our gratitude for your ongoing support as we endeavor to cultivate the crypto ecosystem, prioritizing security, transparency, and sustainable growth in the long term.”

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Changpeng Zhao, known as CZ, admitted guilt last month to anti-money laundering and sanction violations after years of investigations by federal regulators. In conjunction, Binance agreed to a $4.3 billion settlement, one of the largest corporate deals in history. Additionally, Zhao accepted a $50 million fine and resigned from the CEO position.

Last week, CZ resigned as the Chairman of the board of Binance.US, effectively eliminating his influence on Binance.US’s management and reducing the exchange’s interest in the U.S. to a purely economic one.

Since stepping down as Binance CEO and admitting guilt, CZ has remained active on the social media platform X. Last week, he had a lunch meeting with the new Binance CEO, Richard Teng, discussing topics like taking risks and the overall situation of the company.

In a previous statement, CZ mentioned, ‘Ten years ago today, I quit my job, sold my house, and bet it all on Bitcoin. No, I’m not telling you to do the same. Many asked, how could you take so much risk? I knew I could easily find another job… Everyone’s risk profile is different. Learn risk management.

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The exchange noted that users will only be able to access their US dollar funds through BAM Fiat Wallets. When users want to withdraw in US dollars, they should convert this money into stablecoins or other digital assets to make it withdrawable later.

This policy change occurred especially after the exchange suspended deposits in US dollars following a court decision initiated by the US Securities and Exchange Commission (SEC) in early June. During this time, Binance US also announced that it was preparing to suspend its banking partners’ USD withdrawal channels. While the exchange succeeded in preventing asset freezes, its share of US crypto trade volume declined.

On July 17th, Binance US announced that the US dollar withdrawal operations were go on, but it continued to encourage users to trade crypto-to-crypto on the platform or withdraw or convert their USD fiat money balances. The exchange informed its users that all remaining USD balances in their accounts could be converted to USDT in the future.

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In summary, Binance US has temporarily suspended withdrawal operations in US dollars and suggests users convert these funds into stablecoins or other cryptocurrencies to withdraw later. This decision seems to be a response to the issues the exchange has with US regulatory bodies.

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SEC requested specific customer asset information from Binance.US, yet BAM, Binance.US’s parent company, confirmed they hadn’t provided this data yet. Consequently, the SEC asked the court to review Binance.US due to non-compliance in sharing requested documents.

The judge declined the SEC’s request for direct oversight of Binance, emphasizing collaboration between the two parties. Additionally no decision made in SEC and Binance.US lawsuit.

During the court session, the SEC sought details on customer asset storage, encompassing crypto wallets and BAM’s general ledger, which oversees financial statements and emergency recovery policies.

In response, BAM committed to providing the general ledger on a mutually agreed-upon date. Furthermore, the SEC sought information about Ceffu, the entity they claimed was the “newly branded Binance entity” overseeing customer assets.

Finally, the regulatory body and BAM reached an agreement to conduct a hearing on December 12th and submit a joint status report by December 10th.

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SEC Lawsuit Against Binance US: Unregistered Securities and Legal Maneuvers

The SEC’s lawsuit against Binance.US, Binance, and CEO Changpeng Zhao, initiated in June, focuses on allegations of conducting unregistered securities operations and various irregularities, including wash sales. In response to these legal proceedings, Binance.US sought a protective order against the SEC in August. Notably, during this period, the SEC received partially concealed documents totaling 117 pages under docket no. 102.

These concealed documents include crucial internal Binance.US materials, correspondences, and submissions to the SEC court. Speculation links these records to an ongoing U.S. Justice Department investigation into Binance. Of particular importance is the memorandum addressing Binance.US’ adherence to the SEC’s information collection efforts, officially filed on September 14.

Furthermore, it’s vital to highlight that Faruqui’s ordered list did not cover the complete set of sealed documents. On September 11, BAM, the parent company of Binance.US, submitted a proposed order, along with the SEC’s opposing document and eight exhibits, all under seal and not referenced in the earlier order.

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Furthermore, some claims appeared such as all customer funds on Binance were illegally pooled. These problems caused some suspicions about the future of Binance. However, according to some tweets by Changpeng Zhao (CZ), this news was FUD and CZ indicated that Brian Shroder made many contributions to the company. Moreover, Binance.US successfully raised money in the marketplace and grew its product and service offerings under his leadership.

There has been some speculation regarding recent management changes at @BinanceUS. Brian Shroder is taking a deserved break after accomplishing what he set out to do when he joined two years ago. Under his leadership, https://t.co/hSHrrlF7o7 raised capital, improved its product…

— CZ Binance (@cz_binance) September 15, 2023

CZ accepted that in the past two years, Binance has undergone substantial development and has encountered regulatory pressure. Besides, This news with other layoffs caused a shock effect on users in the crypto ecosystem. Then, Krishna Juvvadi (the legal director) and Sidney Majalya (the chief risk officer) also resigned. Thus, crypto users’ concerns about Binance continue to increase.

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