Binance the leading exchange across the world for trading over $151 million has launched Binance US which is the American arm of Binance has announced about introduction of trading fiat-crypto and crypto-crypto trading pairs on Tuesday. As per the news, the trading platform is going to add up almost seven cryptocurrencies including bitcoin, Binance (BNB), Ethereum, XRP, bitcoin, cash, Litecoin, and Tether’s USDT. Binance US also announced about its new scheme to open deposits for another five assets including cardano (ADA), basic attention token (BAT), ethereum classic (ETC), stellar’s XLM and 0x.
Previous week, the new exchange has initiated thee step of opening for registration and deposits but didn’t provide information about the specific date when it is going to launch. In the coming weeks, the platform is planning to introduce additional cryptocurrencies that will meet US regulations and agreement based on its Digital Asset Risk Assessment Framework. Also, the new dollar-linked stablecoin BUSD is not yet supported by the exchange.Users having their funds deposit with Binance.com are not going to see their funds transferred to the US platform, told by Binance.US CEO, Catherine Coley to CoinDesk. Users in new exchange platform are going to receive a $15 referral bonus till the next month. Call on Binance customer care number for support.
Binance revealed about the barring of its users on its global platform Binance.com in June month. At the same time, the company told about their step to do partnership with California-based BAM Trading Services to introduce Binance.US as its US platform. BAM is registered with the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) with an address listed in San Francisco, California as a money services business.
As per the statement releases on September 23, the new platform is still not supported by 13 states while the US body would authoritarian and agreement barriers. In those 13 states that include New York, Florida and Texas, users are unable to register an account at Binance US. Coley previously talked about this and mentioned that the Binance US is going to expand slowly in 13 states which were not supported at launch.
The exchange also mentioned that it is going to boost its compliance and security practices through partnerships that are mostly with software provider Chainalysis and KYC/AML tool provider IdentityMind. Call on Binance support number for help.
The aim is to expand Binance which introduced a Fiat-to-crypto exchange on the Island of Jersey which is a British self-governing dependency in January. Through the exchange which also provides services to traders in Europe and the UK, its users can trade bitcoin and Ethereum against the British pound and the euro. This Jersey arm introduced the Cryptocurrency exchange’s own British pound-backed stablecoin, Binance GBP (BGBP) which offered the fiat-to-crypto platform because of the trader demand for more stablecoin options, said by the company.
With its latest discovery in the US, the exchange is trying to mark its US dollar-backed stablecoin against its rival Libra. BUSD has received a green signal by the New York Department of Financial Services (NYDFS).