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 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

$3.1 million: Crypto Exchange Cashaa Hacked for 336 BTC

London-based cryptocurrency exchange Cashaa revealed it lost 336 bitcoin, at press time worth $3.1 million, to hackers who managed to access one of its cryptocurrency wallets.

According to a tweet the exchange published on July 11, the attackers managed to access one of its wallets, and quickly transferred the funds to an address they control. From the address they went to the BTC has been through a series of hops, suggesting the use of coin mixing software to limit traceability and throw off blockchain sleuths.

Cashaa believes that the attacker may have managed to infect one of its computers with malware, and then waited for an employee to access its machine. As soon as that happened, the funds were moved out of its wallet. Reacting to the security breach, the exchange halted withdrawals and deposits and “called the board meeting to decide whether the company will bear all the losses.”

The exchange suspects the hacker is from east Delhi, India, and filed a report with the Delhi police cybercrimes department.

Cashaa also reached out to other cryptocurrency exchanges and businesses informing them of the address, in a bid to stop the hacker from cashing out. In statements provided to industry media Kumar Gaurav, Cashaa’s CEO, seemingly lashed out at trading platforms that allow hackers to cash out.

Gaurav was quoted as saying:

As of today, hackers are very confident to hack crypto addresses and move it through exchanges that are facilitating such laundering through their systems. Exchanges like these must be shut down and owners of these exchanges should be charged with money laundering facilitation crime.

CryptoCompare’s Exchange Benchmark report, as recently reported, revealed that 38% of crypto exchanges interact with high-risk entities in 25% or more of their transactions. High-risk entities are those associated with darknet markets and vendors, criminals, gambling projects, malware operators, and others.

Featured image by Kevin Ku on Unsplash