One of the most coveted cryptocurrency exchange platform’s of the ecosystem, Binance is finally ready to make its debut in the United States and will be opening its doors for the U.S. crypto traders as early as next week, Wednesday Sept. 18. As per the official announcement by the crypto exchange, it will be initially opening registration and begin accepting deposits on its platform for United States.
Users will be able to deposit any of the initial selection of digital assets, which include Bitcoin (BTC), Ether (ETH), Ripple’s XRP, Bitcoin Cash (BCH), Litecoin (LTC) and Tether (USDT). According to the post:
This kicks off our first phase as we gradually roll out access to our digital asset marketplace across America.
The announcement further explained that during the phase of initial registration, interested users would be able to sign up for a Binance.US account and side-by-side, select the tier of verification that is required to achieve their desired withdrawal limits.
After the completion of verification process, users will then have the access to make deposits across the aforementioned initial selection of digital assets, offered by Binance.US. And shortly after opening of registration, the platform will provide an update to its customers with details of when trading will go live for specific pairs.
The selection of the digital assets offered might seem limited, but this is only to get through the initial phase. CEO at Binance.US, Catherine Coley said:
After trading launches for this first phase, we will be continually adding to the selection of digital assets available for verified users to deposit and eventually trade on Binance.US.
However, in order to make the most of this launch, it is better for users to get done with the account verification process in the initial phase as this would allow them to trade on the freshly launched digital market place as soon as the process of trading commences.
Binance’s operations in the U.S. will be lead by BAM Trading Services, a California-based money services business, which the platform announced as early as June. Binance CEO, Changpeng Zhao (CZ) said in the announcement:
We are excited to finally launch Binance.US and bring the security, speed, and liquidity of Binance.com to North America. Binance.US will be led by our local partner BAM and will serve the U.S. market in full regulatory compliance.
Interestingly enough, despite the high profile nature of this project, considering the largest crypto exchange by daily trade volume is involved; very little is known about its partner BAM. According to reports, the company only recently created a Twitter account during April that too coincided with the creation of Binance’s U.S. account. Moreover even the Twitter accounts don’t reveal much as there are no links provided for a website of the firm.
Even BAM Medium account comprises of just a two posts, the first announces the partnership with Binance, while the second one announces the joining of Catherine Coley, CEO of Binance.US and BAM Trading Services, who just so happens to be the former head of XRP institutional liquidity at Ripple. Coley shared while addressing her new appointment:
This is just the beginning of a long journey ahead, and I look forward to working with Binance as a partner to unlock more potential for the blockchain ecosystem here in the U.S.
While Binance seems to have everything covered for its forthcoming launch, one simply can’t turn a blind eye to the exchange’s rather shaky presence in the U.S. Back in June, right about the time Binance announced its partnership with BAM, the exchange also announced that it would soon be blocking U.S-based investors from its platform.
However despite the ticking clock, there seems to be a silver lining in the form of Binance.US. CZ took to Twitter to share an optimistic look on the disruption.
There will be a few restrictions on https://t.co/9rMMAmtCxH accompanying this. But some short term pains may be necessary for long term gains. And we always work hard to turn every short term pain into a long term gain. https://t.co/gl1M1cwPYB
— CZ Binance (@cz_binance) June 14, 2019
It looks like Binance is sticking around courtesy Binance.US, which will be an entirely separate fiat-to-crypto exchange, dedicated to serving the U.S. market in full regulatory compliance.