Binance US goes live – CEO confirms “funds are SAFU”

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Token price surges 335% overnight - but only on one exchange

Binance US went live today at 13:00 UTC, opening trading for Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, Binance Coin, and Tether. New users of the US-based exchange will be offered zero-fee trading until November 1, 2019.

Commenting at the time of the launch, Binance CEO, Changpeng Zhao, tweeted:

“Feels kinda like launching the USS Enterprise. “Punch it”, nothing happens, “Is the parking brake on?” […] More importantly, a new ship just set sail on a new journey!”

Binance US will offer 13 trading pairs – BTC/USD, ETH/USD, XRP/USD, BCH/USD, LTC/USD, BNB/USD, USDT/USD, BTC/USDT, ETH/USDT, XRP/USDT, BCH/USDT, LTC/USDT and BNB/USDT.

The American expansion of Binance, the biggest cryptocurrency exchange in the world by trading volume, will initially offer its services to only 37 states in the US.

The states excluded from trading on the platform include Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont, and Washington.

In her first AMA, Binance US CEO Catherine Coley noted that although services are currently available in limited states, the platform is working on applying for the necessary licenses to be able to operate in the remaining states.

She added that this has been “a sensitive subject” and that they are looking forward to having “full service across the US.”

Securing the funds

“Funds are SAFU,” said Coley, assuring users that Binance US is adopting the same policies that Binance uses in order to secure funds.

The Secure Asset Fund for Users, SAFU, is an emergency insurance fund, which uses a percentage of trading fees to secure the users’ funds.

“Binance US, as being a partner to Binance, we are able to address this insurance in a useful and pragmatic way through this type of fund,” Coley explained.

“And so it’s a component that we saw at binance for the security of funds, and its use, allocating a portion of the trading fees to protect the customer funds. That’s something that will adopt here in the US as well.”

New-user benefits

Several benefits await new cryptocurrency traders on Binance US.

Upon successfully completing their fiat account verification and achieving a trading volume of $100, all new users will receive a $15 signup bonus.

Users will receive an additional $15 bonus for anyone they refer who also completes the verification and meets the minimum trade requirements.

In addition, Binance US is offering fee-free trading until November 1, 2019.

For traders who are concerned that they will miss out on the benefits because their home state has not yet been added to the platform’s service areas, Coley said that¬†referrals and zero-fee trading would be considered for the newly added states to the Binance US ecosystem.

“I really think that it’s, it’s fair for us to offer free trading for the new states as they come on. And something that I will really look into,” she noted.

Coley also mentioned that there will be a percentage reward system after the fee-free trading period ends. Starting on November 2, BNB – Binance’s native token – will be used as a mechanism for trading fee discounts.

Zhao tweeted about the reward system as well:

The ultimate goal

In response to questions about future plans for Binance US, Coley said that the platform’s developers will be working towards developing both iOS and Android apps in order to make access more convenient and ease onboarding for increased adoption.

Coley and CZ have a common goal, she said, which is “to increase the freedom of money around the world,” and that she is looking forward to making digital assets more accessible in the United States.