August 9, 2020

Binance Launches US Cryptocurrency Exchange

Yesterday, the US branch of Binance opened user registration and begins accepting deposits. Service will be Not available in 13 states due to regulatory issues.

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The platform runs with only six support.cryptocurrencies at the initial stage - BTC, ETH, XRP, BCH, LTC and USDT. Binance expects that more crypto assets will be added in the coming weeks, provided that they pass the Binance.US digital asset risk assessment system.

It is noteworthy that Binance's own tokenBinance Coin (BNB) and the recently launched BUSD dollar stablecoin are not yet supported by the exchange. The launch of the new exchange occurred after in June Binance revised the company's internal policy and decided to limit access to the global platform for users from the United States.

In the blog post of the company CEOBinance.US Catherine Coley (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 services of the exchange at the initial stage. Among these states are New York, Florida, and Texas. Previously, when US residents were allowed to use Binance.com, only six states were restricted in trading restrictions. Koli said:

“Although we are upset that we cannot runBinance.US in the states where I grew up and received education, please rest assured that this is only the beginning, and our mission is to 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 Kolya, users who already havedeposits on Binance.com will not be able to use the automatic transfer of funds to the platform in the USA. This is due to the fact that Binance.US is a separate organization 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 sameprotection scheme, as well as the global Binance platform, which supports the operation of the Safe Asset Fund for users (SAFU). After the May hack of $ 40.7 million, the fund was used to refund all affected users.

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