Binance.US kicks off trading in less than 24 hours

Binance.US kicks off trading in less than 24 hours

The world’s largest cryptocurrency exchange by trading volumes, Binance, will debut its trading operations in the United States on Tuesday.

For this, Binance has launched a completely different American subsidiary Binance US following the country’s regulatory laws.

Binance.US starts off with a limited trading offering of seven cryptocurrencies to citizens in 37 states.

Binance enters the U.S. market

The new subsidiary is compliant with the country’s regulatory procedures for digital assets and will be looking to compete with established players like Coinbase, Gemini and Kraken for the US market.

Users that have successfully passed the KYC checks will be able to begin trading as of 9:00 AM EST on September 24.

The exchange’s offering is somewhat limited, for now. While Binance lists almost 600 cryptocurrencies, Binance.US will have just seven digital assets available at launch: Bitcoin (BTC), Binance Coin (BNB), Ethereum (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), and Tether (USDT) – forming 13 trading pairs in total.

To kick-off the launch and acquire as much of the market as possible, Binance.US will offer users commission-free trades up until the beginning of November.

On top of that, users will benefit from a $15 sign-up and referral bonus upon trading at least $100.

Binance enters the U.S. market

Trading cryptocurrencies by the book

U.S. citizens were forced to leave Binance earlier this month, following a ninety-day grace period.

Due to regulatory pressure, the exchange made the decision to restrict access to U.S.-based users preemptively.

At the same time, Binance came with a back-up plan – a whole new trading platform for its American user-base.

The new US platform is operating under the company BAM Trading that registered with the Treasury’s Financial Crimes Enforcement Network (FinCEN) as soon as it was incorporated.

Nonetheless, citizens in thirteen states, including New York, will remain blocked from the platform.

A spokesperson stated that support for additional jurisdictions may be added later.

Binance.US has also opened deposits for five additional cryptocurrencies, including Cardano (ADA), Stellar (XLM), Basic Attention Token (BAT), 0x (ZRX), and Ethereum Classic (ETC), suggesting these might also be added to the trading platform in the near future.

Binance US also plans to list the company’s newly announced stablecoin BUSD once it receives approval from the New York Department of Financial Services (NYDFS).

In the weeks ahead, the platform will introduce additional cryptocurrencies that meet U.S. regulations and compliance standards based on its Digital Asset Risk Assessment Framework – similar to Coinbase’s listing process.

There are currently eighteen other coins under active consideration.

Micky is a news site and does not provide trading, investing, or other financial advice. By using this website, you affirm that you have read and agree to abide by our Terms and Conditions.
Micky readers - you can get a 10% discount on trading fees on FTX and Binance when you sign up using the links above.