Binance one of the world’s biggest cryptocurrency exchange by volume, is planning to launch its services in the U.S. The news was revealed during an interview with Cheddar, in which the CEO of the company, Changpeng Zhao made a few other announcements as well.
The company, founded just 2 years ago has grown to become one of the world’s biggest cryptocurrency exchange by volume. The company had been serving U.S. customers through its platform but didn’t have a presence in the U.S. market. Now the company has suspended all U.S. customer dealings from June and is planning to launch in the U.S.
There are a lot of things in flux, but I would say [we’ll launch] in a month or two.
The U.S. venture of Binance will be launched with the partnership between Binance and BAM trading services, a company that was relatively unknown up till now. The company also made waves recently as it appointed ex ripple executive, Catherine Coley as the CEO last month.
The Service will not be launched in the state of New York as of yet, as companies operating in New York require Bit License, that the company has not yet received. The Bit License is given by the New York State Department of Financial Services which puts many checks on companies before they can receive the license.
The CEO of Binance, as well as BAM, have not commented yet, whether they would be applying for the permit or not. The NYDFS has been historically very strict on its approach towards cryptocurrency, as other states allow companies to work under a federal license, New York proposes strict regulations on them.
U.S. has not been too kind on cryptocurrency regulations as well, the country has been notorious for strict crypto regulation, however, most of the companies welcome strict regulations. However, they are still confused about the lack of clarity that the regulators have about crypto. CZ said in the interview:
The U.S. historically has made very clear regulations, so we hope that will clear up,” he said. “At the same time, some early adopters in this space will be better rewarded. There are uncertainties in the regulatory space, but we’re willing to try.
Around 20% of the traffic to Binance comes from the U.S., making it one of the biggest market for Binance. Even other cryptocurrency exchanges in the market also see tremendous business U.S. making the country one of the biggest markets for cryptocurrency trading in the world. CZ also reflected on the matter and said;
The U.S. has always been a very important market; globally it’s one of the biggest markets for any business, including in cryptocurrency,” he said. “We want to be fully compliant. Before we didn’t feel we had the experience to do that but now we have our partners so we want to take this opportunity to explore the market.
Binance currently lists more than a hundred different coins on its exchange, however, the company initially plans to launch only 30 crypto assets on its expected launch in October.