Binance, the largest cryptocurrency exchange in terms of volume, has made its first strong debut in the United States as Binance.US on September 18, 2019, by kickstarting its registration process.
The newly-launched platform promises to facilitate quick, secure, and reliable digital asset marketplace offering the best digital asset trading framework, speed, and experience to blockchain enthusiasts in America.
Domiciled in San Francisco, Binance.US will be operated by BAM Trading Services and will be rendered with cutting-edge matching engine and efficient wallet services licensed from Binance.
After the launch of Binance.US, the new investors holding a valid government ID like driver’s license or passport and social security number (SSN) will be able to register themselves on the exchange in a majority of U.S. states, excluding:
- New York
- North Carolina
The platform clarified to the users that Binance.US will work as an independent solution and so many of the digital assets held by the investors on other trading platforms or custody networks will not be automatically transferred into Binance.US wallet/account.
With the aim of curbing the barriers hampering digital asset adoption, Binance.US will benefit the users with zero or no trading fees until November 1, 2019. The cumbersome fee schedule operating at other marketplaces have been put an end on Binance.US as it follows a straightforward fee mechanism. For personal accounts, the exchange will offer a flat fee of 0.10% per trade. The trading fees of corporate accounts will depend on the trading volume.
Binance.US will foster the purchasing of listed coins with USD using ACH or wire transfer methods. The platform promises to include more coins that will satisfy its Digital Asset Risk Assessment Framework. The coins/tokens not listed on Binance.US yet can be stored with varied custodians in the wide array of custody solutions (ex. hot wallet, cold storage, etc.) and can be traded on other portals that have live order books in the concerned pairs.
The platform will accept inbound transfers of BTC, ETH, XRP, BCH, LTC, USDT, and USD based on account verification. Deposits will be accepted before the commencement of full trading. The portal will update the users about starting of trading on set pairs as and when the liquidity conditions will be fulfilled. Trading on the order books will initiate on the achievement of a sufficient supply of coins crucial for healthy markets.