Last Updated on
Binance, the popular cryptocurrency exchange, has announced the launch of a U.S.- focused, regulatory-compliant exchange platform.
According to an announcement published yesterday, the exchange revealed that its new platform now accepts American crypto traders, as the basic activities including deposits, withdrawals, and fiat-to-crypto trading) will now be made available. It added that everyone who already registered and successfully passed through the Know Your Customer (KYC) requirements will be able to access the platform and its full functionalities as from 09:00 EST today.
A timeline of the Binance.US development
The entire situation between Binance and its American crypto traders began in June, when the exchange announced that it would be temporarily restricting U.S. citizens from accessing its platform based on concerns over violating certain regulatory standards. At the time, the exchange also revealed that it would be partnering with BAM Trading Services to develop Binance.US, a new service which will effectively cater to the needs of its American users.
A few weeks ago, American enthusiasts were given some hope, when Binance announced that it would be launching the new dedicated platform sometime in September. Then, the exchange opened the opportunity for interested parties to pre-register for the platform last week.
The development has come full circle now, and Binance.US is finally here.
Taking time to clear all hurdles
In its announcement, Binance continues to stress the emphasis on regulatory compliance, adding that the platform’s services will only be available to customers in a few states for now.
The states left out of this rollout are Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont, and Washington. These states have their own set of cryptocurrency regulations (different from any federal or international standards), and it is assumed that the exchange is working on clearing any hurdles before launching.
Regardless, the exchange reiterated its mission to ensure that all Americans have access to its platform.
In its release announcing the start of pre-registration, Binance said, “Although it is upsetting that we cannot offer Binance.US in [these] states […] at this time, please rest assured that this is just the beginning, and it is our mission to bring access to those of you in these states many of us call home.”
For now, BAM Trading, which oversees Binance.US, has registered the American subsidiary with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury, while it continues to work towards state-level regulatory compliance (most likely, within the 13 states where it has yet to penetrate)
Available assets for now
Yesterday’s press release confirmed that upon successful account creation and KYC verification, users would be able to transact and trade in Bitcoin, Ether, XRP, Bitcoin Cash, Litecoin, Tether, and the Binance Coin. The exchange has also opened deposits for Cardano, Stellar, 0x, Ethereum Classic, and the Basic Attention Token, so it is expected that trading pairs for those will be made available soon. In addition, about 18 other crypto assets are set to get support on the Binance.US platform in the coming weeks.
The press release also contained a little incentive for traders; to celebrate the lunch, and to help drive adoption, Binance is removing all charges from trading activities until November 1.
Significant autonomy for Binance.US
With all of this, the differences between Binance and Binance.US are also worth mentioning. While the former supports hundreds of crypto assets, the latter is still significantly limited in its offering. Binance has also confirmed that U.S citizens’ tokens will be stored on wallets hosted on Binance.US. It is expected that upon the implementation of wider access, Binance would expand its asset offering.