Binance To Launch Regulatory Compliant Fiat-to-Crypto U.S. Exchange

Author: Greg S.
Date: 
June 16, 2019
Read time: 
2 minutes

Binance, the world’s largest crypto exchange, just announced that it will be launching a separate cryptocurrency exchange for U.S. customers.

Binance, the world’s largest crypto exchange, just announced that it will be launching a separate cryptocurrency exchange for U.S. customers.

We believe there is so much room for every organization in this space to grow, and not at the expense of each other, but together. By working together, we can grow the industry faster, which is more beneficial for everyone in the industry. (Binance CEO Changpeng Zhao)

Named Binance.US, the new platform will be operated under BAM Trading Services, a FinCEN-registered partner that aims to bring the trading platform into compliance with U.S. regulations.

The move comes right after Binance announced that it would be ceasing trading services for all U.S. traders on its main platform by September.

The platform will feature the same “cutting edge matching engine” and Binance “wallet technologies.”

The move to launch a U.S. division follows after Binance launched its U.K. and EU platform, named Binance Jersey, earlier this year.

A New Coinbase Competitor?

Since launching only two years ago, Binance has skyrocketed to become one of the most well-known and trusted international exchanges for crypto traders all over the world.

The platform’s ever-growing list of tradable cryptocurrencies, friendly user interface, security, and track record of customer support (Binance’s CEO is infamous for responding to users on Twitter) has helped to make Binance the de-facto platform of choice for many users, with over $1.6 billion in daily trading volume.

That means that Binance has no peer in terms of market share -- except for Coinbase, the only other exchange to boast similar track record of success with over $500 million in revenue.

Coinbase is by far the most popular crypto asset exchange for the U.S. market and has thrived over the years while Bittex and a host of other exchanges have faced regulatory woes and declining US market share.

Get More Knowledge: The Best Crypto Tools You Should Use

While 15% of Binance’s trade volume reportedly comes from U.S., it remains to be seen if Binance will be able to win (and grow) their U.S. customer base after it closes its doors to verified U.S. traders this September.

When asked if there was room for both Binance and Coinbase in the U.S. market, Binance CEO Changpeng Zhao (CZ) told CCN,

"We believe there is so much room for every organization in this space to grow, and not at the expense of each other, but together. By working together, we can grow the industry faster, which is more beneficial for everyone in the industry.

Posted by Greg S.

Greg is a digital marketing strategist based in California. He first became involved in the world of blockchain in 2017 by producing content for a number of cryptocurrency projects. Greg is passionate about the changing world of tech, digital marketing, and the potential for blockchain to democratize everything from banking to voting and beyond.

Comments

Mike Messagie
IS this new US exchange going to offer the same coins as binance now? I don't want to dump a half dozen of my coins.
Mendel
Hi Mike! It's not clear yet. For sure you'll not be able to trade many of the altcoins currently listed on Binance International, but some of them will remain available for trading. In any case, do not worry -- you should have plenty of time before you're forced to withdraw your cryptocurrencies from Binance. Also, the restriction only applies to verified customers. If you are not verified on Binance, you'll be able to trade on the platform in the future if you use a VPN.

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