Binance US, the American division of the world’s largest cryptocurrency exchange by trading volume, is now live. The platform will initially only be available to residents of 35 states, with more states being added over time.
Binance US is a digital asset marketplace, providing advanced financial services to traders in the United States.
Binance US is operated by BAM Trading Services Inc., a subsidiary of Binance.
com. Binance US will be led by CEO Catherine Coley, a Wall Street veteran who has held senior roles at Morgan Stanley, HSBC and Xapo.
The launch of Binance US comes as the cryptocurrency industry eyes further expansion in 2020. Last year saw a number of major exchanges launch or expand their services to the United States, including Coinbase, Kraken and Circle’s Poloniex.
Binance US will offer trading pairs with USD, as well as with Bitcoin (BTC), Ethereum (ETH), XRP and Tether (USDT). The platform will also offer staking rewards for select digital assets.
Initial coin offerings (ICOs) and margin trading will not be available on Binance US, in line with regulatory requirements.
Binance US is subject to state-by-state regulations, which means that not all residents of the United States will be able to access the platform. However, Binance has said that it is “committed to working with regulators across the United States to obtain licenses where we can operate lawfully”.
The launch of Binance US is a major step forward for the cryptocurrency exchange in its quest to expand its operations globally. While the platform is currently only available to residents of 35 states, this is likely to change over time as Binance looks to obtain the necessary licenses to operate in more jurisdictions.
For now, though, Binance US provides a much-needed gateway for American traders looking to get involved in the world of digital assets.