The leading crypto exchange Binance is gearing up to launch a fully regulated crypto exchange in the US.
The exchange will be called Binance.US and will launch in partnership with a company called BAM Trading Services. According to the official announcement, BAM is registered with the Financial Crimes Enforcement Network (FinCEN) and received its license on June 11.
Binance CEO Changpeng “CZ” Zhao says he’s looking forward to bringing a fully compliant crypto exchange to the states.
“We are excited to finally launch Binance US and bring the security, speed, and liquidity of Binance.com to North America. Binance US will be led by our local partner BAM and will serve the U.S. market in full regulatory compliance.”
The move will allow Binance to compete with San Francisco-based cryptocurrency exchange Kraken by offering users leverage and margin trading.
👆👍👍 I couldn't/wouldn't use those exact words, but the reasoning is fitting.
— CZ Binance (@cz_binance) June 14, 2019
To satisfy regulators, however, CZ expects having to make some comprises.
“There will be a few restrictions on binance.com accompanying this. But some short term pains may be necessary for long term gains. And we always work hard to turn every short term pain into a long term gain.”
Since US residents can already actively trade on Binance.com today, crypto enthusiasts are debating the point of Binance.US and are wondering if the new US-based centralized exchange means CZ is dialing back his dreams of a decentralized crypto trading platform.
“We can try to build what we think people will use (actually use) in 10 years, except people won’t use them now. Not a good strategy.”
Binance continues to open regional crypto-based exchanges around the world where people can convert fiat to cryptocurrency.
The company has already launched Binance Uganda, Binance Lite Australia and Binance Jersey, and plans to launch cash-to-crypto exchanges in Asia and Malta as well.