On Tuesday (September 17), Catherine Coley, the CEO of Binance.US, Binance's trading platform for its customers in the U.S., answered some final questions about the soon-to-be-launched crypto exchange.
Below, we present a mini Frequently Asked Questions (FAQ) guide to Binance.US based on what Coley had said in various blog posts over the past several weeks.
Q: How is Binance.US related to Binance.com?
A: Binance.US uses the same software as Binance.com, but is operated independently via a separate FinCEN-registered U.S. firm called BAM trading Services.
Q: Who can register a new account at Binance.US?
A: Anyone based in the U.S. who can satisfy the exchange's "Know Your Customer" (KYC) requirements. This requires providing a valid state/federal ID (such as a passport or a driving license) and a social security number.
However, as Coley pointed out in her most recent blog post, at launch, Binance.US will not be available to residents of the following 13 states (presumably because the required state licenses have not yet been obtained): Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont, and Washington
Q: When can I register an account?
A: User registration opens at 8:00 ET (or 12:00 UTC) on Wednesday, 18 September 2019. After your account has been created, you will be able to deposit BTC, ETH, XRP, BCH, LTC, USDT, and USD.
Q: What trading pairs are supported and when does trading start?
A: As soon as there is sufficient liquidity, trading in the following pairs will be enabled: BTC/USD, USDT/USD, ETH/USD, XRP/USD, BCH/USD, LTC/USD, and BNB/USD.
Q: What digital assets does Binance.US support?
A: At launch, the exchange will support the following six cryptoassets: Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), and Tether (USDT). However, the Binance.US CEO has said that support for other digital assets may be added in the future.
Q: What are the fees like on Binance.US?
A: For personal accounts, there is a flat fee of 0.1% per trade, but there is currently a special offer: until 1 November 2018, there are zero trading fees. As for corporate accounts, the fee will depending on their trading volume.
Q: What are the payment methods for buying the supported digital assets?
A: It will be possible to buy crypto with USD via ACH or wire transfer.
Q: How come I cannot find a Binance.US mobile app?
A: At launch, access to the exchange will only be possible via the Binance.US website; later on, a mobile app (for iOS and Android) will be provided.
Featured Image Courtesy of Binance.US