Binance.US weighs bank license amid BSA and policy shifts

Binance’s pursuit of a U.S. banking license would face exacting “safety and soundness” and BSA/AML standards after past compliance failures. according to the U.S. Treasury’s FinCEN and OFAC, Binance settled in November 2023 for Bank Secrecy Act and sanctions violations, underscoring remediation needs (Treasury press materials).

Zhao Changpeng has publicly signaled interest in expanding U.S. operations, including a banking license, and linked progress to clearer domestic rules, as reported by crypto.news (Binance Blockchain Week remarks). Any application would likely hinge on governance reforms, accountable control, and demonstrable culture change over multiple supervisory exam cycles.

Why it matters for Binance.US and U.S. customers

A charter could, in theory, give Binance-affiliated entities direct access to U.S. dollar banking rails, tighter custodial controls, and ongoing prudential oversight. For Binance.US, clearer separation of ownership, risk management, and compliance from the global platform would remain essential to pass “fitness and propriety” tests.

Public remarks have framed the goal as deeper domestic integration tied to policy clarity. Zhao described the United States as “the capital of crypto,” reflecting an ambition to align operations with U.S. regulatory expectations (crypto.news coverage).

Regulators will assess whether prior gaps in AML/KYC, sanctions screening, and transaction monitoring have been remediated and independently verified. As reported by CNBC, U.S. enforcement filings alleged Binance routed U.S. users through controls-evasion tactics, raising questions about governance, control, and compliance credibility.

Political and policy scrutiny further elevates the bar. According to the U.S. Senate Committee on Banking, a letter from Senators Elizabeth Warren and Jeff Merkley sought records on stablecoin-related dealings and potential conflicts, signaling concerns that would inform any bank fitness review.

U.S. charter pathways and oversight roles, in brief

A realistic pathway would likely start with intensive pre-application engagement and independent monitorship, then a state bank or trust charter plus FDIC insurance, or a national bank route with the OCC. Each step would require clear ownership transparency, ring-fenced U.S. governance, and durable BSA/AML controls.

OCC, FDIC, Federal Reserve, and state banking departments: who does what

The Office of the Comptroller of the Currency (OCC) charters and supervises national banks and assesses risk, compliance, and capital. The Federal Deposit Insurance Corporation (FDIC) provides deposit insurance and examines insured institutions’ risk management.

The federal reserve oversees bank holding companies and sets conditions on control, capital planning, and access to payment services. State banking departments charter and supervise state banks and limited-purpose trusts, coordinating with federal agencies where insurance or holding-company oversight applies.

Williams v. Binance and U.S. jurisdiction implications

As discussed by NYU’s Compliance & Enforcement forum, Williams v. Binance (Second Circuit, 2024) held U.S. securities laws can apply to transactions by U.S. persons on binance.com when certain domestic contacts exist (e.g., server location). While not a banking case, the reasoning tightens jurisdictional exposure relevant to any charter application.

At the time of this writing, based on data from Yahoo Finance, Coinbase Global (COIN) traded around the upper-$160s to low-$170s recently, offering market context around U.S. exchange regulation (Yahoo Finance snapshot).

FAQ about U.S. banking license

Which U.S. regulators control bank charters (OCC, FDIC, Federal Reserve, state banking departments), and what path could Binance realistically pursue?

Most plausible: a state charter with FDIC insurance and rigorous remediation. An OCC national bank route appears difficult without long-running governance, AML, and control reforms.

How do the GENIUS Act and the pending CLARITY Act affect Binance’s U.S. expansion and eligibility for a charter?

They could improve legal clarity on stablecoins and digital assets, reducing uncertainty. They do not guarantee eligibility; BSA/AML, governance, and ownership fitness still determine outcomes.