Binance, the popular crypto exchange in the world will soon resume its crypto-to fiat services across the United States within one or two months.
Binance’s US arm will go live before November 2019 Binance CEO, Changpeng Zhao revealed the news. The regulated fiat to cryptocurrency exchange will offer services to American users as they are ignored widely by other crypto exchange providers.
Binance CEO also mentions that the crypto exchange will initially not provide services to residents of New York.
Binance US to start its operation by September
In an interview, with Cheddar on August 15, Binance CEO CZ mentioned that the crypto exchange considers of launching Binance US services again, which was earlier suspended. However, CZ did not mention the exact launch date but stated,
“I don’t want to promise any fixed dates, but there’s a lot of work being done and there’s a lot of things going on in flux, but I would say in a month or two.”
Back in June 2019, Binance revealed that the crypto exchange could temporarily limit its services in the United States as it focused on launching a new unit to work with FinCEN (Financial Crimes Enforcement Network) approval, report as per the source.
Binance exchange will work with BAM Trading Services, in collaboration and will offer local services to the exchange.
Currently, BAM does not have the needed BitLicense to provide virtual currency trading services across New York. Binance CEO CZ stated that the services will not be available in New York, but he seeks to apply for the BitLicense from the ‘New York State Department of Financial Services’ (NYDFS).
BAM Trading Services is authorized by FinCEN but fails to include New York because it lies within strict regulations of NYDFS.
The new platform will be operated by BAM and will use the wallet and matching engine technologies of Binance. Ex-Ripple Executive, Catherine Coley will be the CEO of Binance US and will direct the release and upcoming expansion of the Binance US division.
One of the major issues in the interview was US regulations, CZ mentioned that the collaboration with BAM Trading Services will assist the exchange in handling the regulatory ecosystem of US, responding ‘now we have our partner, we want to take this opportunity and explore the market.’
CZ when asked over the impact of US regulatory uncertainty, he said, I believe the US as the most advanced market place because the US has very good laws in the existing finance industry. Cryptocurrency is a new subject, and for new subjects, the United States is a big nation and with several regulatory institutions and a big market, in a big market, it’s difficult to regulate.
As per The Block, the United State is a very large market for Binance crypto exchange, around 20 percent of Binance’s dot com traffic is generated in the US. Compared to the daily US volume of Binance with other exchanges, it is already ahead in the competition. Binance’s daily US volume is at 1.2 million, while Coinbase Pro at $660 million, Kraken at $335 million, and Gemini at $75 million and Poloniex at $47 million.
CZ further addressed, “The U.S. historically has made very clear regulations, so we hope that will clear up. Despite the regulatory uncertainties currently, “we’re willing to try.”
Till now, Binance crypto exchange has released 3 foreign fiat-to-cryptocurrency exchanges in Jersey, Uganda, and Singapore. All these exchanges support 5 digital currencies Bitcoin Cash, Bitcoin, Litecoin, Ether and BNB. Binance Uganda also backs stablecoin PAX.