The world’s largest cryptocurrency exchange by trading volumes, Binance, will debut its trading operations in the United States from Tuesday, September 24. For this, Binance has launched a completely different American subsidiary Binance US following the country’s regulatory laws.
Starting Tuesday, Binance US will offer the trading facility in crypto-to-crypto and fiat-to-crypto trading pairs. Moreover, Binance US plans to list seven cryptocurrencies immediately upon launch. These include Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LTC), Bitcoin Cash (BCH), Tether’s USDT, and Binance Coin (BNB).
To encourage faster adoption of its platform, Binance US to offer commission-free trades starting November 2019. The decision to launch Binance US arrived in June 2019 amid regulatory concerns arising from the American regulator. Thus, one must note that Binance US operates independently of Binance.com and users cannot transfer funds between these two platforms.
Catherine Coley, CEO of Binance.US said:
“Binance.US is tailor-made for Americans at every step of its development. We are thrilled to establish Binance.US as a distinctive marketplace with roots in America, as we aim to educate and foster the American community to adopt crypto with purpose.
In our partnership with Binance, we will together work to increase the freedom of money worldwide while bringing their unmatched trading technology platform to the U.S. and supporting the expansion of a globally recognized brand in a key market. We look forward to providing more security and accessibility to digital currencies and the blockchain projects behind them for the American Binance community.”
Binance US Future Plans
The Binance US trading facility will be currently available across 37 states in America. Besides, it plans to soon add multiple other cryptocurrencies subjected to those meeting U.S. regulations and compliance standards based on its Digital Asset Risk Assessment Framework.
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). Commenting on this launch Binance CEO Changpeng Zhao said:
“Binance made significant global strides in efforts to further cryptocurrency adoption. Through this partnership, we believe Binance.US will open a new key gateway to America, and beyond, furthering the enthusiasm and tangible use cases for both blockchain and cryptocurrency.”
Binance US has assured that with the changing market, it will continue to innovate and bring affordable avenues for its users to buy/sell digital assets.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.