Binance.US reveals 3-tiered account verification process to comply with United States’ regulatory climate
Malta-based cryptocurrency exchange Binance made news a few months ago after it announced that it would restrict its services for U.S. residents. Despite gaining about 15% of its monthly traffic from the United States, Binance geo-blocked U.S. customers due to the regulatory climate. However, Binance wasn’t the only exchange to back out from the U.S. for the aforementioned reason, with prominent exchanges like Bitfinex, Bittrex, OKEx, and BitMEX also stepping back from the U.S.
However, U.S. citizens were left with some hope after Binance announced that it would launch an exclusive trading platform for U.S. citizens, while complying with the regulatory obligations of the SEC. The Changpeng Zhao-led exchange later revealed that it would be running its U.S. exchange through a lesser-known trading partner, BAM Trading Services.
In a recent blog post, CEO of Binance.US, Catherine Coley, revealed that the platform would be ready for registrations on 18 September 2019, at 8:00 AM ET. Soon after the registration, users would have to verify their personal accounts in order to fulfil eligibility obligations for the daily withdrawal limit. The blog post further highlighted the requirements of U.S. regulatory bodies. The post read,
“Operating in the U.S. requires businesses, like Binance.US, to verify the identity of our clients and assess each client’s suitability for business purposes.”
It does not end at that, as users are now required to verify their personal accounts on 3 different levels; basic, advanced and fiat.
After users have completed their verification process, they can participate in the process of depositing cryptocurrencies on the platform. Binance.US currently supports six major crypto-assets namely, BTC, ETH, XRP, BCH, LTC, and USDT.