Binance, often seen as the market leader in regards to running a cryptocurrency exchange, is finally beginning its steps to opening the door to the critical US market. In a recent announcement, it has said it would open registration and deposits on its platform new US clients on September 18.
However, the offering for the US clients will be far more limited compared to current users of the exchange. It was also announced that only six coins would be accepted in this opening round of deposits. These include Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, and Tether.
Once registration opens, the US clients will have the opportunity to sign up for an account, make deposits, and select the level of verification required to achieve their desired withdrawal limits.
Catherine Coley, the Binance.US CEO, said:
“This kicks off our first phase as we gradually roll out access to our digital asset marketplace across America. 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.”
This is big news for the US as Binance banned US customers earlier this year citing regulatory uncertainty. Now, they have partnered with BAM Trading Services to lead the operations in the US despite there being very little information on this California-based money services business.
What is also striking though is the limited number of coins, and more noteworthy is that there is no support for Binance’s native token, BNB. BNB has been one of the success stories of the 2019 cryptocurrency spring. However, it has been falling fast recently.
The token surged over 500 percent to impressive heights of just below $40. Since those highs, however, it has dumped over 50 percent, crashing back down to $20 where it currently sits.
More so, while this launch is aimed at the US, intending to open the doors to a rather large market, and to compete with Coinbase, another heavy hitter in the space, those in New York will be disappointed.
The new U. exchange will not offer services in New York due to the ‘BitLicense’ regulatory requirement. As of August, Binance had not yet applied for the license, according to Coindesk.