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CZ Confirms Binance US Will Go Ahead With IPO Despite Increased Scrutiny

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Ever since its creation, the cryptocurrency market has been the subject of routine regulatory interventions. The latest story surrounds Binance’s United States wing, Binance US, and its decision to move ahead with an IPO despite crackdowns from the financial sphere. Binance chief executive Changpeng Zhao said on Friday that the company’s move was built on the back of intense discussions and reworks.

CZ, as the CEO is more commonly called, made his comments at the virtual REDeFINE Tomorrow 20201 virtual meet on July 23. He did not shy away from answering questions about Binance’s situation with US regulators regarding alleged illegal trading activities on the platform. Binance and all of its affiliates will be ready to face any regulator in the future as well, said CZ. In his words:


“Binance US is looking at the IPO route. Most regulators are familiar with a certain pattern or having headquarters, having corporate structure. But we are setting up those structures to make it easier for an IPO to happen. We are now in the mindset of shifting from a tech startup to a financial service.”

The trading platform has come under fire earlier for not complying with frameworks set by lawmakers in the States. Even CZ admitted that the company had a need to localize compliance communications to make regulatory processes faster and more transparent. Binance US has hired former US Comptroller Brian Brooks as its CEO and to chart out new paths in terms of regulations and systematic ecosystem creation. 

The creation of an IPO would allow outside investors to enter the cryptocurrency market in a traditional manner. Regulators have insisted that they want to ensure proper measures are taken before a cryptocurrency company enters the mainstream space and pockets. The United States CFTC has also played a key role in keeping the tabs on Binance and reports about the company’s dealings with US customers. 

Kraken Becomes Latest Crypto Venue To Halt XRP

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Troubled times for XRP continued as San Francisco-based cryptocurrency exchange Kraken becomes the latest to announce its plan to halt the trading of the crypto-asset for U.S. residents by the 29th of January 2021 at 5 pm PT. This comes after the US Securities and Exchange Commission [SEC] brought its lawsuit against blockchain company Ripple last month, which alleged that the sales of XRP qualified as an unregistered securities offering.

Kraken is not the only prominent exchange to have made plans to suspend trading of the token whose value dropped by nearly 50% since the regulator filed the suit. Notably, well-known crypto platforms such as OKCoin, Coinbase, Bittrex, Genesis, Binance.US, and eToro has also suspended XRP trading in recent weeks.

What Does Kraken’s Move Mean For Customers?

The platform notified that it will be implementing the process any time of the said data and the US-based customers will have just two weeks to continue trading the crypto-asset. It also urged its customers to resolve their positions prior to the 29th of January. Despite this, the clients residing in the country will still be able to deposit, hold, and withdraw XRP with Kraken.

According to the official blog post released by the platform, those residing elsewhere will not be affected in any way.

Kraken further noted that the US residents with spot positions on margin must satisfy any outstanding margin obligations latest by the 28th of January or face liquidation. Its post read:

We intend to cancel open XRP orders and liquidate open XRP positions for U.S. resident We are monitoring the situation regarding the SEC’s filing and will adapt according to any new developments.

Should the position regarding holding, depositing, and withdrawal of XRP happen to change in the future, the exchange would make a public announcement accordingly.

XRP Collapses

XRP did not take the news well as it registered a fall of more than 16% over the past 24-hours driving the price to $0.279 at the time of writing. Soon after which DeFi token Polkadot [DOT] blasted past XRP to become the fourth largest cryptocurrency

Binance.US Expands Its Roadmap to Florida

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Binance.US, the United States arm of the major cryptocurrency exchange Binance has opened its platform to the Florida residents. With this announcement, Florida becomes the 38th state to come under the Binance’s hood.

Eligible customers of the state will be able to register their accounts on the platform from 25 August.

On a welcome note, the exchange’s latest update stated,

“We couldn’t be happier to welcome Florida residents to Binance.US! Welcome to America’s home to buy, trade, and earn digital assets including Bitcoin.”

While the company has grown to be one of the biggest names in Crypto space, there were 12 states where Binance. US was still unavailable. They were Alabama, Alaska, Connecticut, Georgia, Hawaii, Idaho, Louisiana, North Carolina, Texas, Vermont. In addition, Washington and the home of Wall Street – New York are yet to be explored by Binance primarily and were excluded due to the strict cryptocurrency regulations governing them.

With the latest inclusion, Binance has opened its doors to one of the most potential markets in the country giving access to more than 17 million people over the age of 18.

Catherine Coley, the CEO of Binance.US who grew up in Orlando, Florida, tweeted,

“Florida woman brings crypto marketplace to home state. Get ready for tomorrow, y’all!”

Since Binance opened its operations in the country in September 2019, the exchange platform services  38 states and Puerto Rico and was seeking licenses to service the rest of the United States.

Another state which has been quite restrictive in terms of crypto licensing was the state of Hawaii which led Coinbase to stop its services in the region.

However, the state’s regulatory sandbox called ‘Digital Currency Innovation Lab’ was approved by twelve crypto companies including ErisX and Gemini. This initiative between the Hawaii Department of Financial Institutions and Hawaii Technology Development Corporation [HTDC] allows the firms to apply for approval to operate in the state without obtaining a state money transmitter license for two years.

Will Hawaii be Binance.US next stop?

Binance US starts its upward spike by adding IOTA and BUSD

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Binance, the world’s largest cryptocurrency exchange, has been on a rampant march in terms of developments and updates with the Changpeng Zhao led organization, ensuring that it has its foothold across multiple regions. The exchange’s United States division, Binance US, had met with a lot of trepidation earlier for launching an entirely new platform, but that does not seem to have caused the company to veer off course.

Today, on October 22nd, Binance US announced that it would be listing both BUSD and IOTA on its platform. IOTA’s official handle tweeted:

“#Binance US will list #BUSD and #IOTA. Trading for BUSD/USD, BTC/BUSD & IOTA/USD trading pairs will open on October 22nd, 2019, at 9:00pm EST / 6:00pm PST. This is the first time Americans can buy IOTA legally through a regulated United States exchange.”

Binance US has stated that the platform will offer unwavering performance with a matching engine that can support up to 1.4 million orders per second. The cryptocurrency exchange also informed users that it would be adding more tokens later by claiming:

“We will continue evaluating coins, tokens and trading pairs to offer on Binance.US in accordance with our Digital Asset Risk Assessment Framework, community feedback, and market demand.”

The announcement from Binance had had a minuscule effect on the prices with IOTA receiving a 1.14 percent bump in prices, causing it to trade for $0.27. The cryptocurrency held a 24-hour market volume of $7.64 million, a figure that was the second-lowest in the top 20 cryptocurrency club.

Binance USD [BUSD], on the other hand, was trading for $1 after a 0.34 percent fall in the 24-hour spectrum. BUSD held a total market cap of $11.04 million and a 24-hour volume that was more than the market cap at $11.334 million.

Binance was also in the news when Zhao revealed that the Russian Ruble would be the first fiat-crypto trading option that will be available to the public. According to Zhao:

“We’re adding support for fiat trading. In about two weeks or so, we should have support for Russian ruble trading, direct.”

Disclaimer: The presented information is subjected to market conditions 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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