Binance.US
Binance.US is a cryptocurrency trading platform for U.S. users, established in 2019 and operated by BAM Trading Services separately from the global exchange Binance. After the SEC sued its operator in 2023, the platform became crypto-only; it restored U.S. dollar deposits and withdrawals in February 2025, and the SEC dismissed its case that May. Stephen Gregory has been chief executive since March 2026.
Contents9 sections
Key facts
2019Establishment
Binance.US was established in 2019 as a cryptocurrency trading platform for U.S. users.[1]
June 2023SEC Lawsuit
On June 5, 2023, the SEC sued defendants including BAM Trading Services, the operator of Binance.US, in federal court in Washington, alleging that its platform facilitated securities trading without registration and made misstatements about its surveillance systems and trading volume.[2]
2023Crypto-Only Platform and New Leadership
After the lawsuit, Binance.US operated as a crypto-only platform from July 2023.[3]
About three months after the SEC charges, chief executive Brian Shroder resigned; in its second round of cuts since the lawsuit the company eliminated more than 100 positions, about a third of its staff, and general counsel Norman Reed took over on an interim basis.[1]
February 2025Dollar Deposits and Withdrawals Restored
In February 2025 Binance.US restored U.S. dollar services, letting customers deposit and withdraw dollars by ACH bank transfer. Interim CEO Norman Reed said the company had been looking forward to the day it could “offer full USD services again.”[3]
May 2025SEC Dismissal
On May 29, 2025, the SEC agreed to dismiss all claims against BAM with prejudice.[2]
March 2026Stephen Gregory Becomes CEO
Binance.US announced the appointment of Stephen Gregory as chief executive officer, effective March 9, 2026; Norman Reed stepped down as CEO and moved into a senior advisory role.[4]
Gregory, a lawyer, previously served as chief executive of Currency.com and led compliance at Gemini and CEX.io; Reed had earlier worked at the SEC and Ripple.[5]
October 2026Not Affected by the Binance Security Incident
On October 29, 2026, hackers took about $6.3 billion in assets from the global exchange Binance, which halted withdrawals and said it would use company funds to cover the losses.[6]
On October 30 Binance.US said in a social media statement that it was not impacted and that customer funds and services were “secure and operating normally.” The next day the FBI said North Korea was responsible for the incident.[7]
Operations: Operating Entity and Products
Binance.US operates under BAM Trading Services as an entity separate from the global exchange Binance in order to comply with U.S. rules, and offers fewer products than its global counterpart. As of December 2024 the platform said it supported 160 cryptocurrencies and offered staking for more than 20 assets.[8]
Sources
- Binance.US CEO exits amid second round of staff cuts post-SEC lawsuit (opens in a new window)
- Milbank Successfully Defends BAM Trading in Pivotal SEC Enforcement Action (opens in a new window)
- Binance.US Restores USD Deposits & Withdrawals on Platform (opens in a new window)
- Binance.US Expands Leadership Team (opens in a new window)
- Binance.US hires new CEO as exchange pursues growth in ‘crypto capital of the world’ (opens in a new window)
- Hackers steal $6.3 bil. from Binance in record heist blamed on North Korea (opens in a new window)
- FBI says North Korea responsible for Binance breach (opens in a new window)
- Binance.US Charts 2025 Comeback, CEO Norman Reed Reflects on Challenges and Plans for Growth (opens in a new window)