Binance.US Hours Away from Trading Launch

Published on 24 September 2019 by Cryptovest Staff

Binance.US opened its wallets for another series of tokens, launching its trading complete with access to Binance Coin (BNB).

Within hours, US traders will flock to Binance.US, as trading was scheduled to start this September 24. Binance.US replaces access to Binance.com, the exchange’s international branch, as US regulators are starting to track and restrict some digital assets.

The launch comes with a new batch of tokens, from some of the most prominent crypto-based projects.

https://twitter.com/cz_binance/status/1176140763001839616

Binance.US may boost the positions of Binance Coin (BNB), as the asset was added to the mix. It seems Binance has no concerns that BNB could be considered an unregistered security. BNB so far has not received a boost, as its price slumped to $19.57.

The launch of Binance.US arrives at a time when interest in altcoins has waned again, and Bitcoin (BTC) prices are also on the decline. Altcoins, whether old or newly arrived, are not as trustworthy, and may never offer the outlandish gains from the bull market in 2017.

Binance.US has recently opened an AMA with Catherine Coley, the new ICO for the exchange branch. In the session, difficult questions were raised on the workings of Binance.US.

https://twitter.com/BinanceAmerica/status/1175077595387330562

The exchange thus opens the doors to further regulatory oversight and potential setbacks for the entire cryptocurrency sector. It became clear that the exchange is not using a banking partner, but the services of Prime Trust, an entity dedicated to blockchain project finance and side services. This was viewed as worrying by traders, since it resembled the approach of Bitfinex to select Crypto Capital for its banking needs.

To avoid problems with local regulations, Binance.US will exclude 13 states:

  • Alabama
  • Alaska
  • Connecticut
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Louisiana
  • New York
  • North Carolina
  • Texas
  • Vermont
  • Washington

The exchange will offer 0.1% fees for personal accounts, but a zero-fee period is running until November 1.