Binance has finalized plans for its US-centric platform, as the firm’s main exchange closes its business with American clients.
Regulatory restrictions in the US have forced many crypto related businesses to stop their business in America while some, like Binance, are creating platforms that are solely focused on the American market and are compliant with regulations in the country.
Binance is the largest exchange in the world by volume, and it has created a US-centric platform which will replace it in the country. This platform is going live next week according to the firm.
Traders in the US have been barred from trading on several crypto exchanges due to many exchanges struggling to meet the regulatory requirements imposed in the country.
Opening of registration on Binance US
The American crypto community carries the largest group of crypto traders in the world, and these individuals have been deprived of access to crypto exchanges.
Binance US would be a fully regulated exchange facilitating fiat-crypto transactions, and will likely offer over 20 cryptocurrencies to its clients.
Binance will hope that their US focused exchange will become one of the best online crypto exchanges in the country.
US traders can begin opening accounts and registering on the platform from Wednesday the 18th of September, 2019. Soon after registration is complete, a user can begin making deposits into their account on the exchange.
Binance US will initially be accepting deposits in Bitcoin, Ethereum, Ripple (XRP), Litecoin, Tether (USDT), and Bitcoin Cash. After these deposits are made, users could purchase BNB and expect to reap benefits as the exchange grows over time.
Need for regulatory clarity
The exchange is yet to confirm when trading will go live and this announcement is likely to happen after significant deposits have been made onto the platform.
Would be traders need to wait until the exchange provides an update about the trading pairs which will be available and when exactly they will be available.
There is a need for regulatory clarity about which tokens and altcoins are approved in the US before Binance US is able to provide a listing for its clients.
Traders also need to pass know your customer (KYC) requirements before they are allowed to trade on the platform. There is a need to clarify which KYC data is needed from a regulatory viewpoint to ensure that Binance US stays on the right side of existing regulations.
According to Binance US, they will continually add trading options over time as the selection of digital assets available to traders expands.
The exchange is trying to ensure that the digital assets they offer their clients satisfy their Digital Asset Risk Assessment Framework. Binance is currently looking at over 30 tokens using the risk assessment framework.