Binance to Start Launching US Trading

The arm of cryptocurrency exchange giant Binance, Binance.US, revealed on Tuesday that it would begin to trade fiat-crypto and crypto-crypto trading pairs. In addition to that, the trading platform will immediately put seven cryptocurrencies in the list upon the launch. And this will include bitcoin, bitcoin cash, Binance coin (BNB), ethereum, XRP, litecoin, and Tether’s USDT.

Aside from that, the firm announced it would open deposits for another five assets soon. And these assets are Cardano (ADA), ethereum classic (ETC), basic attention token (BAT), stellar’s XLM, and Ox.

The new exchange last Wednesday began to open for registration and deposits. However, it did not provide an exact date of the official launch.

In the coming weeks, the platform will cite additional cryptocurrencies that meet U.S. regulations and compliance standards based on its Digital Asset Risk Assessment Framework. Recently, Binance launched dollar-linked stablecoin, which was notably unsupported.

Then, the users with deposits with Binance.com will not see their funds immediately transferred to the U.S. platform. And until November 1, users for the new exchange will receive a $15 referral bonus.

Regulatory Barriers for Binance

The Malta-based Binance, first launched in China, in June declared that stateside users of its global platform Binance.com became barred from trading. At the same month, the firm partnered with California-based BAM Trading Services to set up Binance.US as its platform. BAM remains registered as a money services business with the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). And the firm listed its address in San Francisco, California.

Furthermore, the U.S. entity will clear regulatory and compliance barriers. On the other hand, as of September 23, 13 states do not support the new platform. According to the exchange, it would strengthen its compliance and security practices by partnerships. And their aim would be with the software provider Chainalysis and KYC/AML tool provider IdentityMind.