Binance.US Launched with BNB Listed on the Platform

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, 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 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 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

Binance Announces Investment in Crypto Chinese Media Outlet Mars Finance

Cryptocurrency exchange giant Binance Holdings Ltd. has made a strategic investment in a Chinese media cryptocurrency and blockchain-focused news website Mars Finance.

According to news, the investment amount has not been disclosed; however it scored the company a valuation of $200 million.

The startup has previously raised two funding rounds and is backed by IDG Capital and the venture subsidiaries of OKCoin and Huobi. Aside from Binance, the latest funding round has included other investors such as included Ceyuan Ventures and Matrixport, the financial services startup created by Bitmain Technologies Ltd. co-founder Wu Jihan.

Following the news, Binance CEO Changpeng Zhao tweeted to confirm the news, expressing the company’s willingness to support the industry. He stated:

“Let’s make more news, and less FUD. Invest in the industry.”

This marks Binance’s first strategic investment in China since its withdrawal from the market back in 2017. At that time, the exchange withdrew its operations due to the ban on digital currency trading. Founder “CZ” Zhao Changpeng has stated that Mars Finance has rapidly expanded its influence since launch.

Mars Finance was founded by local entrepeneur Wang Feng in 2018, and the news platform serves as a Chinese-language crypto news service. According to the firm’s website, it is indicated that the startup provides as well market reports  and it has also launched its own venture fund called Consensus Lab, which has invested in nearly 50 high-quality blockchain projects such as  Hong Kong-based Coinsuper, Quark, Bumo, Celer, Certik, Bitforex, and Bgogo.

Prior to Mars Finance, Wang co-founded Linekong Interactive Group Co. in 2007, which is a mobile game developer and publisher that went public in Hong Kong in 2014.

Currently, the Chinese version of Mars Finance, with the domain, has around 124,000 monthly visits, with a 70,947 rank in China, according to website traffic tool SimilarWeb. The English-language version of the website, however, appears to be relatively inactive since early January 2019.

The news follows as Binance’s new U.S. platform prepares to onboard customers in preparation for live trading. Last week, Binance US announced that it would open registration and deposits on September 18th, after which it will roll out a number of Binance products across the U.S.

Binance and Paxos Launch NYDFS-Approved Stablecoin

Leading crypto exchange Binance has announced its partnership with digital asset trust company Paxos to launch a USD-pegged stablecoin.

According to the announcement made on Thursday, the two companies will launch a USD-pegged stablecoin called Binance USD (BUSD). The stablecoin has already received the approval of the New York State Department of Financial Services (NYDFS) and will be available for trading later this month.

Paxos co-founder and CEO Asia Rich Teo has stated that the NYDFS’s approval of the stablecoin is a vital step towards long term stability in global crypto markets. He further added:

“We are proud that our stablecoin as a service offering enables trusted companies like Binance to introduce products customized for their users. The Paxos brand symbolizes regulatory integrity, consumer protection and transparency for all of our partners.”

The upcoming stablecoin will be backed by U.S. dollar on a 1:1 ratio. In addition to that, a Binance spokesperson stated that the BUSD will be built on the Ethereum blockchain, however it may move to Binance Chain in the future.

The coin will start trading on Paxos’ and Binance’s exchange platforms later this month. Paxos will issue the coin and look after the reserves of dollars–and Paxos customers will be able to directly purchase BUSD tokens through the company’s wallet using either U.S. dollars or PAX, its own stablecoin.  Binance users will likewise be able to trade BUSD on the platform.

BUSD will trade against three cryptocurrencies – Bitcoin (BTC), Binance coin (BNB) and XRP – on the platform. According to the announcement, Paxos will act as both the custodian and the issuer for the stablecoin, and will regularly audit the dollar holdings.

Binance CEO Changpeng Zhao, commonly known as “CZ”, stated that Paxos is leading the digital trusts space and further added that Binance is excited to work with them in developing their native stablecoin.

“We hope to unlock more financial services for the greater blockchain ecosystem through the issuance of BUSD, including more use cases and utility through the power of stable digital assets.”

Following this news, BUSD joins the Paxos Standard and the Gemini Dollar as an NYDFS-approved stablecoins.

Meanwhile, Binance has been steadily showing interest in stablecoins. The exchange previously announced its intention to issue stablecoins worldwide as part of its Venus project. Back in July, it listed BGBP stablecoin, which is pegged 1:1 to the British pound, however is built on the Binance Chain blockchain network. At the time, the company said it would launch a collection of stablecoins pegged to different fiat currencies.

JEX is Binance’s Latest Acquisition to Offer Derivative Trading Services

Leading cryptocurrency exchange Binance has announced its newest acquisition – JEX, a Seychelles-based crypto-asset trading platform that offers spot and derivatives trading services.

The news was communicated in a press release, citing “JEX will join the Binance ecosystem as Binance JEX and focus on further building the crypto-asset derivatives market.

JEX is a company that specializes in cryptocurrency-related derivatives products such as options and futures contracts. Following the acquisition, the firm will be rebranded as Binance JEX and it will keep its existing team intact. Meanwhile, Binance will introduce more utility to the JEX token and will provide Binance users with additional professional services such as futures contracts, options, and other derivatives products.

It is further noted that in a longer-term, JEX tokens will be distributed gradually to all users through marketing activities as well as community incentives. However, the tokens will be ultimately retrieved and burned in different forms including trading commission deductions.

This new acquisition follows Binance’s continuous interest in the derivatives market. Most recently, the exchange platform has added a new service to its range, specifically margin trading and has shown interest in pursuing offering options and futures trading.

Binance co-founder Yi He has stated that JEX developed solid derivatives product offerings, which are consistent with Binance’s product roadmaps in the crypto-asset derivatives market. He further added:

“We hold an open mind and welcome more partners to join the Binance ecosystem. We look forward to delivering more innovative derivative products in the future as Binance JEX.”

Subsequently, Binance noted that new financial products will launch in September. The exchange platform has also unveiled two futures testnet platforms – Futures A and Futures B –which will allow users to conduct a simulated trading competition. After exploring the platforms, users will be asked to vote for their favorite futures testnet and get the chance to win 10,000 Binance Coin (BNB).

“We think open competition is a great way to test out the products’ usability. Through the competition, we hope to fully review the two products in terms of market feedback, scalability, and liquidation model design. It’ll help with the ultimate decision making,” said a Binance spokesperson.

The spokesperson further explained that the exchange aims to address current common issues afflicting the market, such as high latency, overloads, and poor risk-control mechanisms, which are reportedly some of the problems faced by BitMEX.

Meanwhile, just last week it had been reported that Binance CEO Changpeng Zhao announced that the platform was planning to launch futures trading this month. Two days prior to this, the exchange had announced the launch of its first crypto lending product, allowing users to earn interest from Binance Coin (BNB), Tether (USDT) and Ethereum Classic (ETC).

Binance Reveals Plans to Launch a Libra-like Cryptocurrency

Binance, the largest cryptocurrency exchange platform in the world, has announced it is launching an open blockchain project “Venus” naming it an “independent regional version of Libra,” with the goal to develop localized stablecoins all across the globe.

According to an announcement published on August 19th, Venus is an open blockchain project to develop “localized” stablecoins and digital assets pegged to fiat currencies. It is further added that the exchange will leverage its existing infrastructure and experience with various regulatory regimes to reinforce a compliance risk control system and build a multi-dimensional cooperation network for the Venus project.

As Venus is an open blockchain project, Binance is currently seeking partners amongst governments, corporations and tech firms to create a new currency ecosystem that will “empower developed and developing countries to spur new currencies.”
The exchange stated that it “welcomes additional government partners, companies and organizations with a strong interest and influence on a global scale to collaborate with us to build a new open alliance and sustainable community.”

Notably, it appears that the exchange plans to use its Binance Chain to launch these stablecoins. Binance Chain has already issued several native asset-pegged stablecoins, including a Bitcoin (BTC)-pegged stablecoin (BTCB) and the Binance BGBP Stable Coin (BGBP) pegged to the British Pound.

Unlike the Facebook’s Libra, Binance will be encouraging collaborators to build directly on its proprietary chain – Binance Chain, which uses a “distributed proof of stake” consensus model, with transactions validated by a handful of entities close and “affiliated” with the exchange.

Meanwhile, the exchange stated it is well-positioned to launch such a currency ecosystem due to its existing public chain technology – Binance Chain – as well as its wide user base and already established global compliance measures.
Binance co-founder Yi He said:

We believe that in the near and long term, stablecoins will progressively replace traditional fiat currencies in countries around the world, and bring a new and balanced standard of the digital economy.”

Yi He further added that the exchange hopes to break the “financial hegemony” and reshape the world’s financial system, including allowing countries to have more tangible financial services and infrastructures, and protecting their financial security and increase the economic efficiency of countries.

The announcement follows as major companies including Facebook and Walmart have recently revealed plans to launch their own stablecoins.

Likewise, Facebook’s cryptocurrency project, Libra, has a similar structure, which intends to serve the unbanked and facilitate low-fee money transfers across the globe. Libra is expected to launch sometime next year.

Earlier this month, it has been reported that retail giant Walmart could also be working on issuing a USD-pegged stablecoin, similar to Facebook’s Libra cryptocurrency.