Binance, the world’s largest cryptocurrency exchange by trading volume, has rolled out direct U.S. dollar (USD) bank deposits and withdrawals to users in more than 70 countries, marking one of the most significant expansions of fiat on-ramps in the exchange’s history.
The move eliminates third-party intermediaries for millions of users, slashing fees and processing times while bringing Binance closer to traditional banking rails.The newly supported countries span Latin America, Africa, Southeast Asia, and parts of Eastern Europe—regions historically underserved by seamless fiat-crypto bridges.
Users in nations such as Brazil, Nigeria, Indonesia, Kenya, Colombia, Vietnam, and the Philippines can now link local bank accounts directly to Binance via SWIFT and local ACH networks, with deposits reflecting in as little as 1–3 business days and withdrawals settling in 24–48 hours.
“This is about accessibility at scale,” said Binance CEO Richard Teng in an exclusive statement. “For too long, users outside Tier-1 markets have faced high fees, slow transfers, and regulatory gray zones. Direct USD rails remove those barriers and bring crypto closer to everyday finance.”
In Nigeria, where Binance already commands over 30% of crypto trading volume despite past regulatory friction, local traders can now bypass expensive P2P markup—previously as high as 5–7% above mid-market rates. A Lagos-based fintech founder viewed: “This cuts my funding cost by 80%. I can arbitrage global markets without bleeding on conversion.”
Similarly, in Brazil—Latin America’s largest crypto market—users previously relied on localized BRL pairs or stablecoin swaps. Direct USD channels now allow seamless hedging against currency volatility, especially critical amid the real’s 15% swing against the dollar in 2025.
The integration leverages Binance’s partnership with licensed payment processors and banks in each jurisdiction, including:
Signet and SWIFT for USD corridors
Local rails (e.g., PIX in Brazil, UPI-like systems in Southeast Asia) for near-instant local currency conversion
Zero deposit fees for most countries (withdrawals incur 1–2% depending on volume and method)
Notably, the service supports SEPA Instant for select European countries reclassified under the expanded list, though the EU’s MiCA framework still imposes KYC and transaction monitoring.
The expansion comes amid Binance’s aggressive global licensing spree. The exchange now holds:
32 regulatory approvals worldwide
Full digital asset licenses in France, Italy, Spain, and Bahrain
In-principle approval in Thailand and the UAE
However, the U.S. remains conspicuously absent from the list. American users continue to be routed through Binance.US, which operates under stricter FinCEN oversight and does not offer direct USD channels outside regulated partners like Silvergate (now defunct) or new entrants like Zero Hash.
A Binance spokesperson clarified: “This rollout targets jurisdictions where we have clear regulatory pathways. U.S. compliance remains a separate track.”
Rivals are scrambling. Coinbase expanded USD Coin (USDC) rewards to 50+ countries last quarter, while Kraken rolled out instant EUR deposits via Klarna. But Binance’s scale—190 million users and $76 billion in 24-hour volume—gives it unmatched liquidity depth. On-chain data shows $1.2 billion in net USD inflows within 48 hours of launch, per Nansen.
Not all 70+ countries enjoy identical terms:
Tiered limits: $50,000 daily for standard verified accounts; $1M+ for VIPs
KYC mandatory: Level 2 verification (government ID + proof of address) required
Tax reporting: Binance will issue 1099-equivalent forms in compliant jurisdictions
Industry analysts predict this is merely the opening act. Whispers in Singapore fintech circles suggest direct CNY and EUR corridors by Q2 2026, alongside embedded finance tools—think Binance-issued USD stablecoin debit cards in partnership with Visa.For now, the message is clear: Binance isn’t just a crypto exchange anymore.
It’s gunning to be the global fiat-crypto superapp—and with direct USD in 70+ countries, it just moved a rook deep into traditional banking territory.
Signpost News is an Imphal-based media house that focuses on delivering news and views from Northeast India and beyond.
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