On Friday (September 6), Catherine Coley, the CEO of Binance.US, Binance’s upcoming trading platform for its customers in the U.S., answered some very common questions about the soon-to-be-launched crypto exchange.
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 Services.
It said that the operator of this platform would be BAM, 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.
Here are the main highlights:
- There is a “Know Your Customer” (KYC) process in place when registering a new account. Users will need to provide a valid state/federal ID (such as a passport or a driving license) and their social security number.
- Binance.US will be available in most U.S. states (but this list will probably not include New York state at launch).
- Binance.US will, as CZ mentioned in a recent interview, be launching “in the coming weeks.”
- Users can deposit funds as soon as they have gone through the KYC process.
- Access to the exchange will initially be via the Binance.US website; later on, a mobile app (for iOS and Android) will be provided.
Changpeng Zhao (aka “CZ”), Co-Founder and CEO of Binance, said in an interview published on August 15 that he expects Binance.US to launch within a couple of months. CZ’s comments about Binance US came during an interview with Cheddar reporter Tanaya Macheel.
When Macheel asked CZ why Binance wanted to launch in the U.S. given the regulatory difficulties over there, CZ replied:
U.S. has always been an important market… Globally, one of the biggest markets for any business… So, we're very glad that we have a partner [BAM Trading Services] there… so they can help us navigate the regulatory compliance issues.
As for the long-suffering residents of the state of New York, CZ said that initially Binance US would not be available to them since their U.S. partner (the FinCEN-regulated BAM Trading Services) does not have a BitLicense from New York State Department of Financial Services (NYDFS).
Featured Image Courtesy of Binance