Binance US to Open User Registration Next Week

Binance.US, the world’s largest crypto exchange, will open account registration and begin accepting deposits of major cryptocurrencies from Sept. 18 at 08:00 Eastern Time.

In a blog published on Sept.11, 2019, Binance US revealed that the first phase of the process would support limited assets, including Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), and Tether (USDT). 

Before its launch, the exchange will require users to register and verify their accounts with Binance US.

During the initial registration, users can authenticate their accounts and achieve higher withdrawal limits by providing personal info to confirm they are compliant with US tax and anti-money laundering regulations.

Shortly after registration opens on Wednesday, Sept. 18, the exchange will reveal when trading will go live for specific trading pairs. Once registered for an account, users can also start depositing approved digital assets into their accounts to prepare for the launch of trading.

Addressing the upcoming launch, Binance US CEO Catherine Coley said in a blog post:

“Trading availability of the digital assets we’re exploring will be based on our Digital Asset Risk Assessment Framework.”

However, the exchange will not offer services to New York State residents initially. 

Binance’s push into the US market

Binance’s move of launching a US dedicated crypto exchange comes after its resolution of cutting off access to US traders from its international platform, Binance.com on Sept. 12. This fits in with the exchange's broader initiative to expand outside of the international crypto-crypto market segment.

Presently, the exchange is venturing into other lucrative niches, including crypto futures and derivatives trading, fiat-backed stablecoins, and now it’s aggressively targeting the massive US customer segment.

Following the launch, US traders won’t be able to deposit or trade on Binance.com, but they can still access their wallets. The US-based exchange will be operated by BAM Trading Service, which is a licensed firm in the US.

It remains to be seen when trading will go live on Binance US, but shortly after the account registration, users can start depositing assets into their account. 

Why the separation?

The exchange clarified that Binance.US is not a subsidiary of Binance and declined to comment when asked to clarify the relationship between the two entities in terms of ownership stakes.

This apparent separation indicates that Binance.US is likely attempting to distance itself from the less regulated Binance.com, which is known to engage in regulatory arbitrage by domiciling in less crypto-friendly jurisdictions.

 If Binance.US is successful in satisfying US regulators, then Binance can tap into the enormous American customer base and continue on its path of crypto-exchange dominance.