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Binance.US restricts initial access to platform to 13 U.S states as registrations for platform begin



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Malta-based cryptocurrency exchange Binance recently released an array of developments pertaining to the exchange, one of which was Binance.US, a platform exclusively for residents of the United States. Several months ago, the exchange had announced that it would no longer offer services to U.S. customers, due to the country’s regulatory environment. However, the exchange’s latest venture promises to comply with all regulatory obligations.

Binance.US will open its doors for registration starting today, wherein users would have to undergo a 3-tiered verification process to set up their account on the platform. CEO of Binance.US, Catherine Coley, today released another blog post addressing several aspects of the features of the platform.

What is revelatory about the post is that 13 states of the United States of America would still be barred from using Binance.US. The list includes Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont, and Washington.

However, CEO Coley gave these citizens some hope, writing,

“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.”

However, this comes as a surprise as Binance’s BUSD, a stablecoin pegged to the U.S. Dollar, got a green signal from the New York State Department of Financial Services [NYDFS] and is ready for trading from 19 September 2019 at 10:00 AM [UTC].

Additionally, with a motive to minimize obstacles against crypto-adoption, the platform will offer zero trading fees for personal accounts till 1 November 2019. Post this, the platform would offer a flat fee of 0.10%. However, corporate accounts would have an adjusted fee schedule as per their volume.

This wasn’t the only development in the Binance universe. Binance has yet again expanded its margin tradingplatform by adding privacy-focused coins DASH and ZEC. The available trading pairs on the platform are DASH/BTC, DASH/USDT, ZEC/USDT, and ZEC/BTC.

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Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.