In mid-August, we reported that Binance would land in the US in a couple of months, citing CEO Changpeng Zhao (CZ). Yesterday, the crypto exchange announced that US residents could register with the US entity starting from next Wednesday.
Binance to Accept Crypto Deposits from Sept 18
On September 18, at 8:00 AM EST, US citizens will be able to deposit crypto funds on Binance.US. The accepted coins include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), and USDT.
According to Binance.US CEO Catherine Coley, the move is part of Binance’s first phase of the US launch. The Chinese exchange, headquartered in Malta, is giving gradual access to its crypto ecosystem across the US.
Thus, starting from Wednesday, American crypto traders will get the chance to register a Binance.US account and pick the verification tier that decides the withdrawal limits. This is a standard procedure for all crypto exchanges operating in the US.
To ensure the compliance with the US anti-money laundering (AML), Combating the Financing of Terrorism (CFT), and securities laws, potential Binance.US customers will have to present the pictures of a government ID, whether it’s the passport of driver’s license, and the social security number (SSN).
Once verified, users will be able to deposit crypto funds based on the initial list of six digital assets.
When Does Trading Go Live?
Binance said in its latest statement that it would provide more details on the specific timing of when the marketplace will go live. We should expect this to happen shortly after the US onboarding opens.
On Friday, Binance.US stated that it would roll out the trading platform in the coming weeks, with the KYC (know-your-customer) onboarding coming a few days before the launch.
Besides the six tokens available from next week, the exchange operator is evaluating 24 other digital assets, including ADA, ATOM, BAT, BNB, DASH, EOS, ETC, HOT, IOTA, LINK, LOOM, MANA, NANO, NEO, PAX, REP, RVN, TUSD, USDC, VET, WAVES, XLM, ZIL and ZRX.
Binance.US is operated by BAM Trading Services, an entity based in San Francisco.
Do you expect Binance to become a major competitor to Coinbase in the US market? Share your opinion in the comments section!
Images via Shutterstock, Medium: Binance.US
