The exchange has faced limited banking access since June 2023, when a civil lawsuit filed by the U.S. Securities and Exchange Commission (SEC) led to the suspension of dollar deposits and withdrawals. Regulatory scrutiny forced Binance.US to operate with a restricted fiat trading framework, hindering its ability to serve customers effectively.

“While I can’t provide a definitive launch date yet, let me be clear: It is not a matter of if, but when,” said Norman Reed, interim CEO of Binance.US, in a statement shared with Decrypt. Reed emphasized the company’s commitment to overcoming these barriers and rebuilding its core USD trading services.

Operation Chokepoint 2.0: The Fight Against Debanking

Reed, a former SEC enforcer with six years of experience in securities law, attributed much of Binance.US’s challenges to what he described as a “concerted initiative” by the outgoing administration to debank cryptocurrency firms. Dubbed “Operation Chokepoint 2.0,” this alleged campaign involved correspondences between federal agencies, like the Federal Deposit Insurance Corporation (FDIC), and member banks to restrict access for crypto companies.

The operation has sparked outrage within the crypto industry, with figures such as Coinbase’s Chief Legal Officer Paul Grewal calling for accountability. Documents and communications that have surfaced could provide evidence of deliberate actions by certain U.S. government entities to stifle the crypto sector.

Surviving the Storm

Despite regulatory headwinds, Binance.US has maintained operations, supporting over 160 cryptocurrencies and offering staking services for more than 20 assets. Reed noted that these capabilities exceed those of the exchange’s closest competitors.

“We’ve survived over 17 months of SEC scrutiny, including multiple depositions and the submission of hundreds of documents,” Reed stated, expressing confidence that regulators have found no evidence of wrongdoing.

The company has faced ongoing probes into compliance practices and allegations of financial misconduct. Nevertheless, Reed believes Binance has emerged stronger, with a renewed focus on customer service and product expansion.

2025: A Roadmap for Growth

Looking ahead, Binance.US plans to restore fiat services as a top priority, addressing what Reed described as the “most requested and anticipated feature” by its user base. In tandem, the exchange is pursuing partnerships to expand its custody services and wallet solutions, aiming to bolster its infrastructure and offerings.

Meanwhile, its global counterpart remains cautious about reentering the U.S. market. Binance’s global CEO, Richard Teng, recently described discussions around a potential reentry as “premature,” signaling a divergence in strategy between the two entities.

A New Era for U.S. Crypto Policy?

Binance.US’s plans align with a broader anticipation of favorable shifts in U.S. crypto policy in 2025. As the industry pushes for clarity and fairness in regulation, the exchange’s comeback could signify a turning point for cryptocurrency firms navigating the complexities of the American market.

“Now that we’ve survived, our goal is to help crypto thrive and empower all Americans with freedom of choice,” Reed declared, positioning Binance.US as a resilient player in the evolving regulatory landscape.

With the promise of restored services and expanded offerings, Binance.US is setting the stage for a critical year ahead, aiming to regain customer trust and reestablish its foothold in the competitive U.S. crypto market.