Binance.US (operated by BAM Trading Services) did not file for bankruptcy. US customers never lost access to their funds. The $4.3 billion DOJ settlement in November 2023 was against Binance Holdings Ltd — the global parent company — not Binance.US. This is a critical distinction many users get confused about.
What Actually Happened with Binance in 2023?
In November 2023, the US Department of Justice reached a landmark $4.3 billion settlement with Binance Holdings Ltd — the global parent company founded by Changpeng Zhao (CZ). The settlement covered charges including anti-money laundering violations, failure to implement KYC procedures, and operating without proper US money transmission licenses.
CZ pleaded guilty to individual charges, stepped down as CEO, and the global entity paid the settlement. However, this all applied to Binance's global operations — not to Binance.US, which is a separately licensed US entity operated by BAM Trading Services.
The confusion arose because many users saw news about "Binance" and assumed it covered their US accounts. It did not. Binance.US users retained full access to their accounts and funds throughout the 2023 period.
What Happened to USD Deposits on Binance.US?
In mid-2023, Binance.US temporarily suspended USD deposits and withdrawals — not due to bankruptcy, but as a direct response to an SEC lawsuit and subsequent loss of banking partners who withdrew services amid regulatory uncertainty. Crypto-to-crypto trading continued normally.
USD banking services were restored in late 2023 as new banking relationships were established and the regulatory environment clarified. Users who had USD sitting in their accounts during the suspension period were never at risk of losing those funds — the suspension was operational, not a freeze of customer assets.
Your Binance.US account and a global Binance account are completely separate. If you used Binance.com (the global exchange), your account is not accessible via binance.us. US customers should use binance.us only. Non-US Binance users should consult the global Binance support resources.
How to Withdraw Crypto from Binance.US
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Log in to Binance.US
Visit binance.us and log in with your email and password. Complete 2FA verification if prompted. Do not use binance.com — that's the global exchange, not the US platform.
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Navigate to your Wallet
Click on Wallet in the top navigation, then select Crypto. You'll see your full balance of each token you hold.
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Select the coin and click Withdraw
Find the cryptocurrency you want to withdraw and click Withdraw. Enter the destination wallet address — double check this, as crypto transactions are irreversible. Select the correct blockchain network (e.g., ERC-20 for Ethereum tokens).
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Complete identity verification if required
Binance.US may require you to complete or update your KYC (identity verification) before processing withdrawals. This is a regulatory requirement. You'll need a government-issued ID and possibly a selfie.
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Confirm via email/2FA
Binance.US will send a confirmation link to your email and/or prompt your 2FA app. Complete both to authorize the withdrawal. The transaction then processes on-chain.
How to Withdraw USD from Binance.US
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Go to Wallet → Fiat
From your account, navigate to Wallet → Fiat (or search for "USD withdrawal" in the help center). This is where your US dollar balance lives.
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Link a bank account if you haven't
Binance.US uses Plaid for ACH bank linking. Select Add Bank Account and follow the Plaid flow to connect your checking or savings account. Wire transfers are also available for larger amounts.
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Enter withdrawal amount and confirm
Enter the USD amount to withdraw, review the processing fee (if any), and click Confirm. ACH transfers typically take 1–5 business days. Wire transfers typically settle in 1–2 business days but carry a fee.
Binance.US vs. Bankrupt Crypto Exchanges — Key Differences
| Exchange | Filed Bankruptcy? | Customer Fund Access | Status |
|---|---|---|---|
| Binance.US | No | Always retained | Operational |
| FTX | Yes (Nov 2022) | Frozen at filing | Claims paying out |
| Voyager Digital | Yes (Jul 2022) | Frozen at filing | 70%+ recovered |
| Celsius Network | Yes (Jul 2022) | Frozen at filing | Distributions in progress |
| Genesis Global | Yes (Jan 2023) | Frozen at filing | Claims in progress |
Frequently Asked Questions
Scammers frequently target Binance.US users with offers to "recover" funds or "unlock" frozen accounts — for an upfront fee. These are 100% scams. Binance.US funds were never frozen for US users. If someone contacts you claiming to help recover Binance.US funds, do not engage. Report it to the FTC at reportfraud.ftc.gov.