Binance.US, intends to introduce new features and broaden its product line in the months ahead.
Binance.US intends to reinstate USD services by early 2025, which suggests that digital assets in the United States will have a more promising future.
The current SEC administration has caused significant injury to the crypto industry, including Binance, and American consumers, according to Interim CEO Norman Reed on Wednesday.U.S.
The SEC accused the subsidiary of violating securities laws in June 2023. It was alleged that the company engaged in anti-fraud practices and offered unregistered investment products.
The US subsidiary, which has been operating independently from Binance.com since 2019, subsequently lost its money transmitter license in seven states. These states revoked the licenses due to the company’s failure to comply with regulations and safeguard citizens from unlawful activities.
Binance and its former CEO, Changpeng Zhao, concluded a settlement with the US Department of Justice in November 2023. They confessed to accusations of money laundering.
Subsequently, the organization assessed penalties. Zhao also tendered his resignation as CEO.
The SEC sought a court order to sequester its assets, prompting the US subsidiary to suspend USD deposits in early June 2023 in response to these legal challenges. Binance.US had transitioned to a crypto-only platform by July 2023, which resulted in the cessation of USD withdrawals and trading. The company encouraged users to convert USD into stablecoins such as USDT in order to continue crypto-to-crypto transactions.
Reed stated that Binance.US has participated in the discovery process for the past 17 months, providing hours of depositions and fulfilling hundreds of document requests.
“Despite its diligent oversight of the corporation, the SEC has yet to present any evidence of misconduct,” he continued.
Reed expressed that Binance.US anticipates the establishment of a transparent regulatory framework for digital assets in the United States. He anticipates that Paul Atkins, the nominee for the position of SEC chair, will contribute to the industry’s progress towards this objective.
Binance.US intends to introduce new features and broaden its product line in the months ahead as USD services prepare for their return.
“I am of the firm conviction that 2025 will be a year of significant growth for Binance.”Reed stated, “Our teams and the United States are diligently constructing a recovery narrative that will endure for generations.”
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