Binance.US, the American branch of the world’s largest crypto exchange, will officially begin trading tomorrow, September 24.
The exchange will list seven cryptocurrencies upon launch, including Bitcoin (BTC), Binance Coin (BNB), Ethereum (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), and Tether (USDT). Five more coins will be accepted at a later date, including Ethereum Classic (ETC) and Stellar (XLM). To encourage user uptake, Binance will offer commission-free transactions until the beginning of November, and trades in large-cap coins, such as Bitcoin, will remain free afterward.
We believe we are just at the beginning of crypto adoption globally. There is room to grow for every organization in this space, and the industry will continue to get bigger in every country around the world,” explained Changpeng Zhao, CEO of Binance, to Decrypt today. Last week, Binance.US opened for registration and began accepting deposits; however, the exchange is not available in 13 states, including New York, Texas, and Washington, reportedly as a result of concessions made to state regulators.
The original version of Binance had technically always been available to users in the US through a VPN, although it had never been officially approved by regulators. In June, the company made the decision to revoke access to its American users with the intention of relaunching the platform with full regulatory approval. The US branch of Binance had made conciliatory movements with regulatory bodies, including registering its holding company, BAM Trading, with the Treasury’s Financial Crimes Enforcement Network.
“In the US, where deep experience in interacting with local regulators is required, we are confident that licensing our technologies to Binance.US will allow compliant development. Our local partner Binance.US will help to navigate the unique regulatory landscape in the US, and at the same time work with the industry players there to help grow the overall market,” Zhao explained on Telegram.
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