Binance.US Starts Onboarding Phase
The market split off from the international trading platform, to achieve compliance with specific US regulations on crypto trading.
Binance.US has opened its onboarding phase, to create and verify new accounts after Binance International closed for US-based traders, only allowing withdrawals.
Now, the exchange prepares for phase two, with the launch of active trading. Binance arrives to the US to fill up the void left by a series of delistings from Bittrex and Poloniex. Potentially, the new exchange may expose a new batch of altcoins to US-based demand. All assets should comply with regulations on unregistered securities, which somewhat limits the potential to offer altcoins and tokens.
“Binance.US recognizes that the ease of issuing blockchain tokens and the perceived lack of regulation could make these tokens targets for abuse. Binance.US has both legal obligations and moral duties to shield our users from fraudulent blockchain projects and combat financial crimes,” explained Binance.US.
In the past, Binance has listed projects that subsequently proved problematic, such as Centra, which was later delisted.
Based on its estimations, Binance.US will start with a selection of 30 well-established digital assets. Of those, three will be the most well-established stablecoins, Tether (USDT), TrueUSD (TUSD), and Paxos Standard (PAX).
The market operator has once again opened the opportunity for voting, which would allow projects to be added based on popular demand:
In the past, Binance held a Community Coin of the Month voting, but the program was suspended. Instead, Binance expands its listings based on a proprietary in-house review process. The exchange takes into account multiple factors surrounding a project, but mostly focuses on the technology and the potential of the team to deliver products and results.
Despite the news of the Binance.US launch, Binance Coin (BNB) fell by 6% overnight in another sell-off for most coins and tokens. BNB trades at $20.33, down around 10% in the past week.