- A separate US arm will help in reducing the risk of heavy-handed regulators overstepping their bounds.
- Initially, Binance.US will accept deposits in BTC, ETH, XRP, BCH, LTC, and USDT.
According to an official blog post, Binance.US, the US wing of Binance will be going live next week. From September 18, the regulated fiat-to-crypto exchange will allow US users to register their accounts. Initially, Binance.US will accept deposits in BTC, ETH, XRP, BCH, LTC, and USDT.
Because of the uncertainties over the US regulatory scenario, the registrants will only be able to make deposits on the aforementioned date. They will need to wait for the exchange to provide them with further updates detailing when the trading will go live for specific pairs. Before this, registrants will have to complete a verification process with a selected KYC tier to set out the withdrawal limits.
The dedicated US arm of Binance 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. Trading availability of the digital assets we’re exploring will be based on our Digital Asset Risk Assessment Framework.”
Binance is making an entry into the US market via a partnership with BAM Trading Services. Binance will be licensing its matching engine and wallet technologies to its US wing, which would take care of operations into compliance with local regulations. Gin Chao, Binance’s strategy officer, said that starting a separate US arm would help in reducing the risk of heavy-handed regulators overstepping their bounds.