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Binance US Impresses by Surpassing $10M Daily Trading Volume

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On October 23rd, 2019, Catherine Coley, the CEO of Binance.US, revealed on Twitter that the American subsidiary of the exchange surpassed $10 million in daily trading volume for the first time.

Since its launch on September 23rd, Binance.US has added new tokens almost every week, including Algorand, Zcash, Chainlink, and many others. This has made it easier for users to buy and sell crypto on the platform due to market accessibility and availability of an asset.

What’s more impressive is that within a week from launch, the exchange giant had tripled its liquidity, getting ahead of Winklevoss Twins Gemini exchange.

Binance CEO, Changpeng Zhao, also took to Twitter to praise its U.S extension, urging users to acknowledge the efforts put into jump-starting the new platform. 

He also confirmed that the U.S branch is off to a much better and brighter start as compared to its parent company, which has taken less time to reach the daily $10 million mark than it took Binance in the beginning. 

This is likely mainly due to the zero joining fee for sign-ups before October that triggered the enrolment of numerous traders. 

Binance.US now offers 5 BTC trading markets and 19 USD markets.

Binance Lists IOTA

Binance.US is emerging as a fast and efficient marketplace, providing access and trading across a diverse selection of digital assets. 

Earlier this week, the platform announced the addition of IOTA. This became the first time IOTA was listed on a fully regulated cryptocurrency exchange in the U.S.

The company further said that it plans on introducing new cryptocurrencies in batches following the initial launch. The batches will reportedly be “highly-curated” and meet U.S. regulations and compliance standards.

Along with IOTA, Binance.US also listed BUSD, a fully-regulated and USD-denominated stablecoin. 

BUSD came to the limelight earlier last month when it received approval by the New York State Department of Financial Services (NYDFS), becoming one of the few digital currencies that can be accessed by New York inhabitants.

The Future is Bright for Binance

Wei Zhou, Binance CFO, earlier in the year, stated that he is very positive about the ongoing developments considering their potential to increase the exchange’s prominence amongst competitors. 

With the addition of new stable coins and surging popularity of its latest exchange in the US, Binance is well on its way to improving the accessibility of crypto in the and be a trailblazer in the crypto realm.

They hope to launch new stablecoins that have the firm backing of fiat reserves to bring in more stability in the cryptocurrency space.

Anna Larsen
Anna Larsen has been a Crypto enthusiast since 2016. Fascinated by the technology and its usecases she decided to pursue a career in content creation related to this space. The journey has been exciting ever since.

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