Binance is exploring 30 cryptocurrencies for its upcoming platform for US residents. The exchange says each coin will be reviewed to ensure that it meets the listing criteria for the US. The list includes top 10 cryptos including Bitcoin, XRP, Ethereum, EOS and Litecoin.
As Binance enters the US market, it will try to navigate US securities laws to meet compliance. That means that the exchange will steer clear of tokens that appear to be securities.
According to the announcement,
“Binance US recognizes that the ease of issuing blockchain tokens and the perceived lack of regulation could make these tokens targets for abuse. Binance US has both legal obligations and moral duties to shield our users from fraudulent blockchain projects and combat financial crimes.
As such, Binance US has adopted a Digital Asset Risk Assessment Framework to help select bona fide blockchain projects with a real chance of making the world more efficient, to provide transparency in our listing standards, and to ensure Binance US’s compliance with applicable legal requirements.”
List of 30 Cryptocurrencies Under Consideration
Excluded from the list are five coins in the top 20 by market cap. They are Bitcoin SV, Monero, Tron, LEO and Tezos.
Binance.com plans to suspend trading activities for US-based residents on September 12th. While affected users will still be able to withdraw their digital assets, they will no longer be able to trade or make deposits.