A new US crypto trading branch of Binance exchange will resume operation in the United States within a month or two. The exchange’s CEO, Changpeng Zhao (a.k.a CZ) claims that the exchange will not serve New York residents initially.
Binance US to go Live Within Two Months
Yesterday, on August 15, 2019, CZ during an interview with Cheddar revealed the company’s plan of resuming Binance US. Despite the ongoing criticism and lack of uncertainty for crypto space in the US, Binance is on its bold move to serve crypto trading and compete with the existing NY-based crypto exchanges.
Zhao in his interview on Thursday didn’t define a specific date of launch but hints that a lot of things going on in flux and possibly the start may happen before November. In his words;
“I don’t want to promise any fixed dates, but there’s a lot of work being done and there’s a lot of things going on in flux, but I would say in a month or two.”
Why is NY Residents Restricted at Launch?
It’s worth noting that the Binance US will be operated by a firm called BAM Trading Service which has recently appointed a former employee of Ripple as its CEO. Accordingly, previous Ripple’s member, Catherine Coley acts as BAM’s CEO and will spearhead Binance US.
The exchange has chosen BAM as its US operator who is already a regulated entity of the U.S. Financial Crimes Enforcement Network (FinCEN). However, any crypto trading service operating within NY regime must obtain BitLicense which BAM currently doesn’t hold.
While the exchange might launch trading operation in less than two months, Zhao says BAM trading service is yet to receive BitLicense from New York State Department of Financial Services. Henceforth, it will not offer trading service to New York residents at the launch.
Despite the US regulatory ambiguity, Zhao explains how will crypto as a new thing will align with the US, which is one of the big countries with a very larger market scope. He says;
“I think the US is one of the most developed markets because I think it has good regulations in the traditional finance space. Crypto is a new thing, and for new things, the US is a big country and with a lot of regulatory bodies and a very large market […] in a large market it is harder to regulate.”
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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