In a bid to build an “inclusive ecosystem”, US arm of leading cryptocurrency exchange Binance announced opening account registrations and verification services for Puerto Rico residents on Sunday, 29th September. The official release stated:
“New accounts will receive a $15 USD welcome bonus after trading $100 USD in volume [buy and/or sell, any pairs] and enjoy zero fees until November 1, 2019. Earn an additional $15 USD for each new account referred to Binance.US. Refer to the Binance.US Referral Program for more details.”
Binance CEO, Changpeng Zhao tweeted,
Slowly, but surely. https://t.co/2d1ACtubYD
— CZ Binance (@cz_binance) September 29, 2019
Binance had previously announced initiating registration process in most US states. The marketplace barred 13 states which were Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont, and Washington. Binance US platform is operated by BAM Trading Services a local company that is working to be compliant with the US regulation and is a separate entity from Binance.com in which the U.S. users’ digital assets will also be stored in Binance.US wallets.
Along with its native token, Binance Coin [BNB], the exchange currently supports Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], XRP, Bitcoin Cash [BCH], Cardano [ADA] and Tether [USDT].
As Binance US opened its trading service on 24th September, within the first 24-hours, the exchange registered a spike of $6.4 million in its trading volume. The volume has since decreased and a week later the trading volume accounted for $2.56 million, at the time of writing. Additionally, according to the latest data from CoinGecko, BTC/USDT dominated the trading volume with 31.5%, BTC/USD at 18.4% followed by ETH/USDT at 10%.