|Binance Makes Its U.S. Move |
September 23, 2019
Ryan Duffy Emerging Tech Writer
This morning, Binance.US launched a digital assets marketplace. As you've probably guessed, it's the U.S. arm of Binance, the world's top crypto exchange by trading volume. BAM Trading Services operates Binance.US, which licenses Binance's trading and wallet tech.
The details: Binance.US launched account registration on Sept. 18. To receive verification, users must give their government-issued ID and social security number and pass know-your-customer checks. Trading for verified Binance.US users begins tomorrow at 9 AM ET.
The exchange supports fiat-to-crypto and crypto-to-crypto trading. Initially, Binance.US is listing bitcoin (BTC), Binance's native token BNB, ethereum (ETH), Ripple's XRP, bitcoin cash (BCH), litecoin (LTC), and tether (USDT). It supports deposits for five more assets and is considering listing an additional 17.
Binance's global riseBinance has built its brand by listing more digital assets than the competition and focusing on crypto-to-crypto trading. In a press release, Binance CEO Changpeng Zhao (better known as CZ) said Binance.US will "open a new key gateway" into the U.S. market.
But it's entering a crowded field.
A big competitor is Coinbase, which has focused on compliance first and expansion of services, supported assets, and trading options second. By comparison, Binance has played regulatory hopscotch and targeted its product to seasoned traders. But it's been embracing compliance to curry favor with institutional buyers and expand to new markets.
To jumpstart onboarding, Binance.US is offering free trades until November 1 and a $15 r eferral bonus for each new signup. It's also hoping to bank on Binance's worldwide recognition and tech chops to draw in new users.
But the roll-out is limited. Though Binance.US has the approval of most regulators, it's not available in 12 states, including New York, Texas, and Florida.