Binance.US Joins Silvergate Exchange Network (SEN)

UTC by Ibukun Ogundare · 3 min read
Binance.US Joins Silvergate Exchange Network (SEN)
Photo: Depositphotos

Catherine Coley said that Binance.US has successfully integrated its API with SEN and conducted tests with some of its clients.

Binance.US has joined the instant settlement network Silvergate Exchange Network (SEN). SEN allows its digital currency and institutional investor Binance clients to transfer US dollars 24 hours a day, including weekends. Also, the Silvergate network allows its clients to transact between their Silvergate accounts and accounts with other Silvergate clients. 

Binance.US Joins Silvergate Exchange Network (SEN)

According to a CoinDesk report, the CEO of Binance.US, Catherine Coley, the company’s corporate clients would benefit from the new alliance. In an interview, she said:

“We’ve launched SEN for our corporate clients so now they’re able to move dollars through Silvergate around the clock instantaneously. It’s a huge advantage for clients that are trying to get funds into Binance.US to be able to buy and sell cryptocurrencies, and we’re excited to see the impact on the rest of our liquidity.”

In addition, Coley said that Binance has successfully integrated its API with SEN and conducted tests with some of its clients. She added that the testing of SEN had pulled in “five times of their current trading behaviors on the platform by just the testing of SEN.”

Similarly, Silvergate CEO Alan Lane also commented on the partnership:

“We are thrilled to welcome Binance.US to our rapidly growing Silvergate Exchange Network. We are confident the SEN will accelerate their vision and bring value to their business.”

Binance Leaked ‘Tai Chi’ Document

In a recent report, Forbes said a leaked document revealed that Binance is attempting to deceive the US regulators and profit from American crypto investors. Forbes noted that Binance had set up a “Tai Chi entity” before establishing Binance.US to distract regulators. The report also mentioned that Binance.US does not allow “highly leveraged crypto-derivatives trading which is regulated in the US.”

Supposedly, senior Binance executives believed the Tai Chi document is a tactical plan to have a “bait and switch.”

Forbes further revealed that the unnamed source of the document said that Binance CEO Changpeng Zhao (CZ) received Tai Chi in the fourth quarter of 2018. At the time, Binance mergers and acquisition manager Jared Gross presented the document to CZ. 

In addition, the source of the document told Forbes that an ex-employee at Binance Harry Zhou created the Tai Chi document. Zhou is the co-founder of crypto exchange Koi Trading, based in San Francisco. 

According to Forbes, the document contains four main components. They are Goals, Proposed Corporate Structure, Regulator Engagement Plans, and Long Term License Plans. Forbes added that an analysis of the leaked documents showed that Binance has already executed most of the outlined specifics. 

Notably, Binance has started blocking US citizens or residents from accessing its platform. TheBlock reported that the exchange company sent emails to its customers in the US on the 8th of October. Binance had asked its US users to transfer their digital assets within 90 days. The email further advised that the customers may consider Binance.US or other exchanges available in the country. 

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