Binance.US has announced the beginning of phase 1 of its launch in the US. The customer registration and verification will begin on 18th September 2019, a week from now.
It will commence by accepting crypto deposits for BTC, ETH, XRP, BCH, LTC, and USDT. Binance also reaffirmed that soon they will be adding support for other cryptocurrencies.
Reportedly, Binance has established a Digital Asset Risk Assessment Framework which will assess the blockchain projects and the criteria for listing. In the US, due to a lack of regulatory certainty, the Exchanges have to choose which currencies to add very carefully.
Cryptocurrency Exchanges have delisted many cryptocurrencies in the past for its’ US users. Moreover, regulatory inclusion was the reason why Binance chose to open a separate wing for its operations in the US. In partnership with BAM trading services in San Fransico, Binance.US has licensed the pricing and wallet from Binance.
Binance is one of the largest cryptocurrency exchanges in the world with a plethora of products. Recently, it began lending and margin trading for crypto assets as well. Inclusion in the largest economy of the world is paramount to its future success.
Binance CEO, Changpeng Zhao tweeted,
Sometimes a small step back is required to move forward again. (couldn’t find a crouching tiger meme… damn)
Given the history of Binance, the US wing can expect rigorous additions of cryptocurrencies post initial launch. While the trading pair allocation and start date are not confirmed, they expect to initiate it soon. The blog post noted, “Shortly after registration opens, we will provide an update detailing.”
Furthermore, Binance has also not released the list of US states where it will be operational. In the past various exchanges have been prohibited from New York. However, Binance recently launched a dollar-backed stable coin which was approved by the NYDFS. Hence, while with limited tokens, a launch in New York can be expected as well.
Do you think Binance.US will be able to attract users again after the break? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com