Binance US launching soon. Binance US launching for US customers in a few weeks, according to a blog post by Binance.
In the post, Binance promised a “fast, compliant, and secure digital asset marketplace” for traders in the United States.
The difference between Binance and Binance US, however, is that Binance US will strictly adhere to the US’ tighter regulations and rules on digital assets. Users will be required to complete KYC, as well as provide their Social Security Numbers in order to trade.
The platform won’t be available for all Americans at launch, however. Binance is working to finalize a list of states where trading will be available. There is no word as to which assets will be available to trade on the new platform, however, Binance did reveal 30 possible cryptocurrencies, including BNB.
Binance US has also secured the coveted New York Department of Financial Services approval for a dollar-backed stablecoin, which is likely to be listed on the new exchange.
Binance US and it’s rapidly approaching launch date is a relief for American traders. They are slated to be barred from trading on Binance starting September 12th, although they will still be able to withdraw tokens.
CZ has already stated that a “digital asset risk framework” will be used to decide which cryptocurrencies are traded on the platform; this will consist of elements such as:
1 Whether trading the candidate asset will affect Binance.US’s ability to comply with applicable legal requirements, including, without limitation, US AML/CFT and securities laws and their implementing regulations;
2 Whether the candidate asset’s core team has a clear strategy to solve a real problem and make the world a more efficient place;
3 Whether the candidate asset’s community has a record of reaching compromises and consensuses to move the project forward, and how well the asset’s core team interacts with the asset’s community members;
4 Whether the candidate asset’s market supply and demand are reasonably fair and likely to meet Binance.US’s quantitative standards; and
5 Whether the candidate asset is technologically secure to transact and/or realistic to build
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