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The U.S. arm of Binance is set to open today at 8 AM (EST). Binance US will however not be available to about 13 states in the U.S., will be free and will only list a few assets including BTC, ETH, and XRP in this initial phase.
The long-awaited launch of arguably the world’s largest cryptocurrency exchange for the American market, Binance US is finally here. Binance US opens today Wednesday the 18th of September, and promises to deliver world-class digital trading technology with great speed, ensuring a remarkable experience for all of its customers. Before now, the crypto exchange had its services restricted in the US and later announced that it will open a more American specific platform to cater to the market.
According to an official post by CEO Catherine Coley, Binance US will begin accepting deposits but will exclude about 13 states across the country. The barred states include Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont, and Washington.
The firm, however, still plans to extend services to all of the states. U.S residents can register with the platform as long as they can provide a valid government-issued ID such as a driver’s license or a passport, as well as their Social Security Number.
Binance US will launch services with support for the five biggest coins in the market and will also allow US Dollar deposits:
“We will be accepting inbound transfers of BTC, ETH, XRP, BCH, LTC, USDT, and USD upon appropriate account verification.”
However, it comes as a gift, that apart from officially announced digital assets, Binance Coin (BNB) is also cited among accepted coins.
— Coinspeaker (@coinspeaker) September 18, 2019
Binance plans to do all that it can to increase the adoption of digital currencies and one of such plans is to make the trading fees as low as possible. The company will charge a flat trading fee of 0.10% per transaction for individual accounts.
There is, however, no specific figure for corporate accounts but the company hints that there will be an adjusted fee schedule based on trading volume. Nevertheless, trading fees will only be charged from Friday the 1st of November, meaning that until then, trading is absolutely free.
Zero trading fees on https://t.co/AZwoBOy3iq
Standing by our values of reducing the barriers to digital asset adoption, we are lifting all fees for trading at launch — Zero Fees until November 1, 2019.
— Binance.US (@BinanceAmerica) September 18, 2019
In a very interesting turn of events, the last 24 hours have been quite great for the altcoins as most of them, especially the top ones, all seemed to surge impressively. For example, ETH is currently sitting pretty at $216 after jumping more than 9%.
However, the most impressive is XRP’s surge. The asset seemed to have been struggling for a while and has not been able to record any significant growth, even at times when the rest of the market surged. XRP is trading at $0.31, a wildly impressive $16% jump. Hopefully, this is enough to douse the current tension among investors in the XRP camp, who have publicly stated their displeasure with Ripple regarding its incessant dumps and have threatened a hard fork.
BCH also jumped 5.87% to hit $327.01 with LTC also jumping to $76.09, a 4.14% increase.
Apart from the fact that this seems like a great way for the crypto market to usher in the new Binance US, the fact that XRP is among the list of assets to be traded by Binance US might mean that after all, XRP is not a security despite the fact that regulators think otherwise. Regardless, Binance CEO Changpeng “CZ” Zhao has said recently that he doesn’t believe XRP is a security and until otherwise proven, Binance will continue to list the asset.