Binance.US, the American branch of leading cryptocurrency exchange Binance, has opened for account registration and deposits.
The eagerly awaited US branch of Binance is now allowing citizens to register an account with the exchange using their social security number and an official government ID so that they can begin depositing crypto assets. Coins accepted by the exchange include Bitcoin, Ether, XRP, Bitcoin Cash, Litecoin, USDT, as well as Binance Coin (BNB), which had been left off the original list. The exchange will not begin charging trading fees until November 1 while the exchange gets on its feet.
However, Binance.US will not be available in 13 states, including New York, Texas, and Washington, for the foreseeable future. A blog post read: “Although it is upsetting that we cannot offer Binance.US in [these] states […] at this time, please rest assured that this is just the beginning, and it is our mission to bring access to those of you in these states many of us call home.” These omissions are reportedly a result of concessions made to regulators after Binance was forced to temporarily suspend its US operations.
Binance is also planning on adding over-the-counter (OTC) trading to its platform next month with the aim of providing a gateway to cryptocurrency for users with fiat currency, specifically the Chinese Yuan. Yi He, the exchange’s co-founder and Chief Marketing Officer, announced the news during a press conference on Tuesday, September 17, emphasizing that the plan was only aimed at the Chinese market.
This comes after the Chinese government, one of the most skeptical jurisdictions towards cryptocurrencies, banned crypto trading in 2017. This led to OTC trades becoming the principal method for buying crypto in China. In April, Binance saw a surge in OTC trading popularity, which contributed substantially to the exchanges $78 million USD profits during the first quarter of 2019.
Featured Image: DepositPhotos © shahurin