Binance prioritizing onboarding of ‘local currency access into global-crypto markets’
Binance, one of the world’s largest cryptocurrency exchanges, has been on a high-speed lane in terms of development and expansion, with no signs of return anytime soon. One of the biggest moves made by the exchange last year was its announcement that it would be withdrawing its services from the United States, only to set up a separate arm in the country called Binance U.S, an exchange that drives to be regulated, in partnership with BAM Trading Services.
Catherine Coley, CEO of Binance U.S, recently spoke about the United States-based entity and how it is different from the globally-renowned exchange, in an interview for Unchained Podcast. She stated that Binance U.S enables users a fast and convenient method to onboard fiat – U.S dollar – into the cryptocurrency markets, with a “large variety of selection across the tokens.” Coley also claimed that this exchange “really catered for the U.S user,” adding that it allowed users to comply with the necessary regulations placed in the country.
“[…] that really lets people feel comfortable about being part of a global community while also knowing that they’re being looked after from a US user’s perspective”
Subsequently, Coley spoke about the reason Binance had to create a separate entity for the U.S-based user base. The CEO stated that one of the main reasons for this move was that the “U.S market is so unlike other markets that they [Binance] were already in,” adding that “blanket marketing” wouldn’t quite work out. She went on to state that there were different aspects that had to be taken into account, aspects such as local regulations, consumer types, etc. before such a move was made.
“[…] getting local currency access into these global crypto markets has really been an important factor for Binance to kind of progress in this space and so for us in the United States this was the opportunity to bring US dollars and fiat on-ramps into a regulated entity that would be up to par for the everyday American user”