Binance is taking a hard and detailed look at 30 different cryptocurrencies for possible inclusion on its upcoming US-based exchange.
This is welcome news for users in the U.S. as the popular crypto exchange announced back in June that it would no longer serve U.S. customers as of September 12, 2019.
Vetting multiple cryptocurrencies
In a blog post published on Friday, Binance US stated that blockchain tokens could be abused due to a “perceived lack of regulation” and the “ease of issuing blockchain tokens.”
As such, the trading platform, which has not officially announced a launch date, says it has both moral and legal obligations to protect users from potential fraud.
To that end, the exchange has implemented the Digital Asset Risk Assessment Framework to examine and vet 30 different cryptocurrencies for potential listing on the trading platform.
The cryptocurrencies that are currently under review are: Cardano (ADA), Atomic Coin (ATOM), Basic Attention Token (BAT), Bitcoin Cash (BCHABC), Binance Coin (BNB), Bitcoin (BTC), DASH, EOS, Ethereum Classic (ETC), Ethereum (ETH), HOT Token (HOT), IOTA, Chainlink (LINK), Loom Network (LOOM), Litecoin (LTC), Decentraland (MANA), NANO, NEO, Paxos Standard Token (PAX), Augur (REP), Ravencoin (RVN), TrueUSD (TUSD), USD Coin (USDC), Tether (USDT), VeChain (VET), WAVES, Stellar (XLM), XRP, Zilliqa (ZIL), and 0x (ZRX).
According to Binance US, the framework is designed to “help select bona fide blockchain projects with a real chance of making the world more efficient, to provide transparency in our listing standards, and to ensure Binance US’s compliance with applicable legal requirements.”
Each of the shortlisted cryptocurrencies will be evaluated based on the following five criteria:
1: Trading of the cryptocurrency must not impact Binance’s ability to comply with the necessary legal requirements for trading within the United States, including AML/CFT and securities laws and regulations.
2: The core development team must have a clear strategy in place to solve a real problem and make the world a better, more efficient place.
3: There must be a history of the crypto’s community moving the project forward via compromises and consensuses. In addition, the core development team should have a history of positive interaction with the crypto’s community.
4: The cryptocurrency must have its supply and demand be fair and meet the quantitative requirements of Binance US.
5: The technology anchoring the crypto must be secure in regards to transactions and also be realistic to build.
Binance coming to America
Binance US will be run by BAM Trading Services, which is licensing the engine and wallet technologies from Binance.
BAM received its regulatory approval from FinCEN on June 11th, 2019, and is a fully registered money services business.
“We are excited to finally launch Binance.US and bring the security, speed, and liquidity of Binance.com to North America,” said CZ (Changpeng Zhao), CEO of Binance, in the official launch announcement.
“Binance.US will be led by our local partner BAM and will serve the U.S. market in full regulatory compliance,” he added.