Binance.US will open account registration and begin accepting deposits of major cryptocurrencies beginning Sept. 18 at 08:00 Eastern Time. The move indicates that the launch of Binance’s closely related U.S. exchange is imminent.
Preparing for launch
Prior to the launch of trading, Binance.US is opening up user registration for interested traders, according to an announcement signed by CEO Catherine Coley.
During the initial registration phase, users can verify their account and achieve higher withdrawal limits by disclosing personally identifying information to ensure they are compliant with U.S. tax and anti-money laundering laws.
Shortly after registration opens on Wednesday, Sept. 18, the exchange will unveil when trading will go live for specific trading pairs. Once registered for an account, users can also start depositing Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, and Tether into their accounts to prepare for the launch of trading.
Trading pairs offered
Pairs that will be available on Binance.US will be based on a new “digital risk assessment framework.” It’s likely that the number of pairs offered on the U.S. exchange will be far more limited than the 150 or so coins listed on its international equivalent because of tighter regulations.
More specifically, the Securities Exchange Commission has previously said that most coins and tokens fall under its purview. As such, for projects to be fully compliant many would need to go through a cumbersome multi-million dollar approval process (such as the one recently undertaken by Blockstack). Otherwise, Binance.US exposes itself to enforcement actions and other legal costs for listing potentially unregistered securities. Like Coinbase, though, the exchange will likely evaluate the risk attached to each individual token and may take on greater risk if that means gaining market share.
Fighting for the American market
Binance’s renewed push into the U.S. market is part of the exchange’s broader initiatives expand outside of the international crypto-crypto market segment—an area it dominates.
Now, the exchange is expanding to other lucrative niches, including fiat on/off ramps, crypto futures and derivatives trading, fiat-backed stablecoins, and now it’s tackling the massive U.S. customer segment.
In correspondences with representatives with Binance, the exchange clarified that Binance.US is not a subsidiary of Binance. Binance declined to comment when asked to clarify the relationship between the two entities in terms of ownership stakes.
The desired separation implies something important. Binance.US is likely attempting to distance itself from the less regulated Binance.com, which is known to engage in regulatory arbitrage by domiciling in less crypto-friendly jurisdictions, among other strategies.
If Binance.US is successful in satisfying U.S. regulators then Binance can tap into the massive American customer base and continue on its trajectory of crypto-exchange supremacy.
Filed Under: U.S., Binance, Crypto Exchanges, Trading
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