April 25, 2024

Binance Launches US Cryptocurrency Exchange

Yesterday, the American branch of Binance opened user registration and begins accepting deposits. Service will beNot available in 13 states due to regulatory issues.

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The platform launches with support for only sixcryptocurrencies at the initial stage &#8212; BTC, ETH, XRP, BCH, LTC and USDT. Binance expects to add more crypto assets in the coming weeks, provided they pass the Binance.US Digital Asset Risk Score.

Notably, Binance's native tokenBinance Coin (BNB) and the recently launched dollar stablecoin BUSD are not yet supported by the exchange. The launch of the new exchange came after Binance reviewed the company’s internal policies in June and decided to limit access to the global platform for US users.

In a company blog post, C.E.O.Binance.US Catherine Coley explained that the launch of services in the US should be “gradual” and residents of 13 states will not be able to use the exchange’s services at the initial stage. Among these states &#8212; New York, Florida and Texas. Previously, when US residents were allowed to use Binance.com, trading restrictions only applied to six states. Koli said:

“Although we are saddened that we cannot launchBinance.US in the states where I grew up and was educated, please rest assured that this is just the beginning and our mission &#8212; provide access to the service to all US citizens."

The article indicates the fees charged for trading,which will begin as soon as sufficient liquidity is achieved through new deposits. Calling the commission structure “simple,” Koli said that personal accounts will be charged a fixed fee of 0.1% per transaction, while corporate accounts will be charged depending on the volume of trade. However, until November 1, 2019, Binance.US sets a zero commission for all users.

According to Kohli, users who already havedeposits on Binance.com will not be able to use the automatic funds transfer service to the US platform. This is due to the fact that Binance.US &#8212; a separate entity managed by BAM Trading Services. BAM Trading is registered with the Financial Crimes Enforcement Network (FinCEN) of the US Department of the Treasury. Regarding the protection of user deposits, Koli said:

“Binance.US takes security seriously. We give priority to protecting customers and take measures aimed at protecting customers from theft and hacking. ”

It is unclear whether the new organization will offer the samesecurity scheme, as does the Binance global platform that powers the Secure Asset Fund for Users (SAFU). Following the May $40.7 million hack, the fund was used to refund all affected users.

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