Binance announced on Friday (August 9) that it is using a Digital Asset Risk Assessment Framework to evaluate 30 digital assets for listing on Binance US, its upcoming trading platform for its customers in the U.S.
As Coindesk reported on June 13, Binance announced on that day that it is planning to set up Binance US in partnership with a U.S. company called BAM Trading Technologies.
It said that the operator of this platform would be BAM Trading Technologies, but the wallet and matching engine would be supplied by Binance.
Binance CEO Changpeng Zhao (aka "CZ") said at the time:
we are excited to finally launch Binance US and bring the security, speed, and liquidity of Binance.com to North America. Binance US will be led by our local partner BAM and will serve the U.S. market in full regulatory compliance.
Well, we did not hear more from Binance until earlier today, when it published a blog post to provide an update on the work being done to prepare for the launch of Binance US. This post was written by former Ripple executive Catherine Coley, who is the CEO of Binance US.
Here are the highlights of Coley's post:
- During the past few months, the Binance US team has been "heads down, focused on developing for you a tailor-made platform to access cryptocurrencies in the United States."
- Binance US is using a "Digital Asset Risk Assessment Framework" to choose blockchain projects that have "a real chance of making the world more efficient" and that are compliant with "applicable legal requirements."
- Her team is evaluating 30 coins/tokens against this framework: ADA, ATOM, BAT, BCHABC, BNB, BTC, DASH, EOS, ETC, ETH, HOT, IOTA, LINK, LOOM, LTC, MANA, NANO, NEO, PAX, REP, RVN, TUSD, USDC, USDT, VET, WAVES, XLM, XRP, ZIL, ZRX.
CZ's tweet at 16:08 UTC (August 9) acknowledged that this blog post did not every possible question, but pointed out that it was an accurate status report:
One of the most FAQ recently, while I hear this list is not definitive, it is the most up-to-date current work in progress. Enjoy and have a nice weekend! https://t.co/rmvuNqzpJI— CZ Binance (@cz_binance) August 9, 2019
It should be noted that just because there are 30 digital assets being considered for possible listing on Binance US, it does not mean that Binance US is planning at launch to offer a large number of cryptoassets, but it would not be too surprising if it decides to list at least some of the assets from the above list -- that are already listed on Coinbase, the crypto exchange that will be its biggest competitor.
Both Images Courtesy of Binance
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