The U.S. branch of cryptocurrency giant exchange Binance has announced the opening of accounts for registration and deposits, expected this Wednesday.
Accordingly, U.S. citizens living in New York, Washington, Florida as well as ten other states, will not be able to access the platform’s services.
The Binance.US launch comes with certain limitations to citizens of 13 States, who are not being supported at the time of platform launch. These states are New York, Texas, Washington, Alaska, Florida, Connecticut, Georgia, Hawaii, Idaho, Louisiana, Vermont, and North Carolina. Binance stated that although the 13 states are currently excluded, the company is working to provide access to digital assets for all U.S. citizen in the near future.
Meanwhile, starting from Wednesday, US citizens – with a few exceptions – will be able to deposit Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), Tether (USDT), USD into the exchange.
However, a spokesperson at Binance U.S. has added that the exchange expects more cryptocurrencies to be added in the coming weeks provided that they pass Binance.US’s Digital Asset Risk Assessment Framework.
In order to access the platform, users will have to enter their social security number and their driver’s license or passport. In addition to that, according to the announcement, there would be no trading fees until November 1st. After that, trading fees will be 0.1% per trade, whilst corporate accounts will see charges vary depending on their trading volume.
In a surprising twist, Binance Coin (BNB) will also be added to the exchange. Prior to this, Binance’s native coin was left off the original list of coins to be added—although it has been an integral part of all of Binance’s exchanges so far.
According to the news, BUSD, will be added at a later date, despite getting backing from NYFDS, one of the toughest financial regulators in the country.
Following a blog post announcing the launch of the registrations, Coley explained that the U.S. rollout is to be “gradual” with 13 states not supported at launch.
She further said:
“Although it is upsetting that we cannot offer Binance.US in the states where I grew up and earned my education at this time, please rest assured that this is just the beginning, and it is our mission to bring access to those of you in these states many of us call home.”
Binance users who want to use Binance.US will have to transfer their funds to Binance U.S., as the platform is separate from Binance.com, and is operated by BAM. In regards to cybercrime, the platform will go the extra mile, as security issues are being taken very seriously by Binance.
The new launch comes after stateside users of its global platform Binance.com were barred from trading back in June. The company did not provide reasons for the restriction at the time, but it was almost certainly over regulatory concerns.
User who already have deposits with Binance.com will not see their funds automatically transferred to the U.S. platform, according to Coley. This is due tot he fact that Binance.US is a separate entity operated by BAM Trading Services, which is registered with the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) in the U.S. Digital assets pertaining to U.S. users will also be store in Binance.US wallets