Binance.US, the American expansion of the crypto exchange giant, will be launching next week, the company announced in a blog post released on Friday. On Wednesday, September 18th, the regulated cryptocurrency exchange would start allowing interested American traders to open an account on its platform.
This move is coming at a time when many other exchanges are shutting the door on US customers.
After registration, Binance.US will enable users to deposit into this account in six different cryptocurrencies, including BTC, ETH, XRP, BCH, LTC, and USDT. However, due to the regulatory uncertainties in the U.S crypto space, the trading of specific pairs will not commence on the platform until a later date, which will be communicated by the exchange soon.
Crypto traders will need to go through a KYC process and select the verification tier based on the withdrawal limits they desire. The US arm of the popular crypto exchange 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.”
To launch the new platform exclusively for US customers, Binance is breaking into the American market through a partnership with BAM Trading Services, a money servicing company based out of California. Binance is going to license its matching engine and crypto wallet technologies to its American partner, which would help ensure that the company complies with local regulations.
In July 2019, Binance appointed former Ripple’s CEO, Catherine Coley, as the head of its burgeoning US dedicated exchange. This appointment came shortly after the firm banned US residents from trading on its platform, following regulatory uncertainties.
Gin Chao, Binance’s strategy officer, earlier this year said that launching a dedicated US-based crypto exchange would go a long way in reducing the risk of heavy-handed regulators going beyond their limits.