Binance has finally restored US Fiat Deposits and Withdrawals after almost two years. Fiat functionality had originally been suspended after the SEC sued Binance
Binance, the largest Cryptoexchange by volume, has finally restored US Fiat Deposits and Withdrawals after almost two long years. Fiat functionality was originally suspended after the Security and Exchange Commission had filed a lawsuit against Binance, Binance US and its co-founder, Changpeng Zhao, in June of 2023 for allegedly violating securities law.
Since that time, Binance remained a crypto-only exchange, offering investors access to more than 160 cryptocurrencies. However, in light of being sued, share price dropped dramatically, causing investors to lose confidence.
In the meantime, a US Judge has allowed both parties to stay their legal dispute for 60 days as of February 13th 2025 after requesting the court to pause, in light of the agency’s new crypto task force aimed at creating a clear regulatory framework for cryptocurrencies. A legal document stated that “the work of this task force may impact and facilitate the potential resolution of this case.”
The Security and Exchange Commission’s case against the world-renowned Cryptoexchange continues and we should see how things develop over the coming months.
More About Binance
Binance Holdings Ltd., branded Binance, is a global company that facilitates the largest daily trading volume of cryptocurrencies. Binance was founded in China in 2017 by Changpeng Zhao, a developer, who had previously created high-frequency trading software. It then relocated to Japan and subsequently left Japan for Malta. At present, it does not have official headquarters.
Gabriel Abed, the Chairman of Binance, is a well-known technology entrepreneur, experienced board member, and former diplomat with expertise in regulatory innovation and financial technologies. With over 13 years in the blockchain industry, he has worked across various regulated sectors and countries, navigating complex financial landscapes.
He was instrumental in establishing Barbados’ first embassy in the Middle East, serving as the country’s Ambassador to the United Arab Emirates and Non-Resident Ambassador to Kuwait.
As Chairman of Binance’s Board of Directors, Mr. Abed focuses on building strong relationships between governments, regulators, and the tech industry.
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News Source: The Block.
