Binance.US Restores U.S. Dollar Deposits for Users

Binance.US, the American entity of crypto exchange Binance, said it is restoring the ability for customers to deposit and withdraw U.S. dollars after finding a payment service provider to work with.

The exchange became a poster child of the crypto industry’s challenges in getting access to banking services when it was cut off by banks in 2023 amid its legal battle with the U.S. securities regulator. It became a crypto-only exchange subsequently, meaning users can only transfer funds on and off in the form of crypto, and lost market share.

The company declined to share the name of the provider. Christopher Blodgett, its chief operating officer, said in an interview that the provider, while not a bank itself, is a U.S.-based fintech provider that has a network of banking partners, a broker-dealer license, and enables retail and crypto trading platforms to accept ACH bank transfers.