Binance.US CEO Talks About ‘What to Expect’ From the New Exchange

Siamak Masnavi

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.

Well, a very short time ago, Binance.US published a blog post in which Coley provided some new information about her company.

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

Binance Launching Latin American Fiat Gateway in Brazil and Argentina

Siamak Masnavi

Binance announced on Thursday (December 12), via a press release shared with CryptoGlobe, the launch of "Latamex", its new fiat gateway for Latin America. 

Binance revealed its plans for the Latamex platform at the 7th LABITCONF (the Latin American Bitcoin and Blockchain Conference 2019), which is held 12–13 December 2019 in Montevideo, Uruguay.

Until today, the Binance Fiat Gateway had four partners: Simplex; Koinal; TrustToken; and Paxos.

Well, from today, as a result of a new partnership with the Settle Network ("the largest digital assets settlement network in Latin America"), Binance's Latamex platform will allow users in Latin America (starting with Brazil and Argentina) to buy/sell crypto using fiat currency. 

Here is how the Settle Network describes itself:

We provide programmatic interoperability between traditional and digital assets, by leveraging our financial infrastructure in every country we operate. Covering the most relevant markets, including the largest banks and +100.000 retail locations. This enables unlimited and compliant interoperability between digital assets and the most important local currencies.

Binance Co-Founder and CEO Changpeng Zhao (aka "CZ") had this to say:

"There is a strong need for cryptocurrency in Latin America, especially for financial access. Roughly 50 percent of the Latin American population is unbanked, and Latamex is a response to our users’ demands and the current market climate. Working with Settle Network allows us to instantly bridge the gap between fiat and crypto for Latin American traders. We are continuing to build with our key partner, Settle Network, to bring wider accessibility of cryptocurrency in Latin America and will support additional local fiat currencies in the region in the future."

He then added:

“The crypto industry is still in its early stages and most of the world’s money is still in fiat. Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users.”

As for Pablo Orlando, Founder and CEO of Settle Network, he stated:

"Latin America has illustrated one of the largest needs and use cases for blockchain and cryptocurrency adoption. Partnering with Binance has allowed us to further open fiat gateways for Latin American users together and bring larger adoption forward to provide financial freedom in the region.”

In the future, Binance plans to launch Latamex in 13 other Central and South American countries: Chile; Colombia; Costa Rica; Dominican Republic; Guatemala; Honduras, Mexico; Nicaragua; Panama; Paraguay; Peru; Salvador; and Uruguay.

Featured Image Courtesy of Binance