Binance to open a separate trading platform for US

[Tipstar]

The news about Binance blocking US residents was shocking. But you can't blame them as US has strict laws about Cryptocurrency and transfer of money.
But they are not going to leave anyone behind, they are going to establish a separate trading platform that would work accordance to all US laws for providing service to all US residents. The platform would probably be called Binance US.
More of it https://cointelegraph.com/news/binance-to-open-us-based-division-with-fincen-approved-partner/amp

[squatter]

But they are not going to leave anyone behind, they are going to establish a separate trading platform that would work accordance to all US laws for providing service to all US residents. The platform would probably be called Binance US.

Changpeng Zhao said it's going to be a fiat-crypto exchange. It'll probably be more like Binance.je than Binance.com, but hopefully I'm wrong and there will still be lots of available markets for US traders.

I believe part of this has to do with offering security tokens not registered with the SEC, and Binance's unwillingness to register as a national securities exchange. Bittrex and Poloniex have made similar moves. It's possible that most markets will still be available on the .US domain, minus a few dozen of the obvious securities.

[mk4]

Changpeng Zhao said it's going to be a fiat-crypto exchange. It'll probably be more like Binance.je than Binance.com, but hopefully I'm wrong and there will still be lots of available markets for US traders.

Yeap, this is definitely most likely. Unfortunately for the Americans, it looks like the coins/tokens that would be able to trade will be very limited. Binance Jersey is pretty much only limited to BTC/ETH/BNB/FIAT pairs. The US version is most likely to be the same.

[fortunecrypto]

The news about Binance blocking US residents was shocking. But you can't blame them as US has strict laws about Cryptocurrency and transfer of money.
But they are not going to leave anyone behind, they are going to establish a separate trading platform that would work accordance to all US laws for providing service to all US residents. The platform would probably be called Binance US.
More of it https://cointelegraph.com/news/binance-to-open-us-based-division-with-fincen-approved-partner/amp

Wow, that's an excellence move and a cunning one, they knew that the US is such a huge market and they don't want to lose this market, they want to maintain their status as the number one exchange in the market that can cater to everyone, great move for this exchange but with the regulation they are going to trade in a limited pairs.

[nickenburg]

I think this is good news for the people in America, I already saw people who wanted to move to Europe because of the strict rules for ico's and now Binance to.
I don't understand why they are so strict in the first place maybe they should handle their real problems first, like the gun laws, innocent people getting killed with guns probably every day, and the huge gap in income, their always increasing debt (still spending the most out of all countries on the military)

And now they cant even trade on Binance anymore,(Free Country Btw) for some people their Money is actually stuck on there and it will take some time to get it off Binance.
I imagine it's not a fun time for them!   

[figmentofmyass]

Yeap, this is definitely most likely. Unfortunately for the Americans, it looks like the coins/tokens that would be able to trade will be very limited. Binance Jersey is pretty much only limited to BTC/ETH/BNB/FIAT pairs. The US version is most likely to be the same.

i see two possibilities here.

1. binance is segregating USA from international customers the same way bittrex did with their international platform. the reason bittrex did so was to comply with the SEC by ceasing to offer securities to americans. as a result, USA customers on bittrex don't have access to most IEO offerings + a few dozen security token markets, but we still have access to hundreds and hundreds of altcoin markets.

2. the binance jersey route. this doesn't make as much sense to me but is obviously possible. i don't see why binance would bow out of the USA market like that if bittrex and poloniex aren't going to.

[Herbert2020]

But they are not going to leave anyone behind, they are going to establish a separate trading platform that would work accordance to all US laws for providing service to all US residents. The platform would probably be called Binance US.

Changpeng Zhao said it's going to be a fiat-crypto exchange. It'll probably be more like Binance.je than Binance.com, but hopefully I'm wrong and there will still be lots of available markets for US traders.

i don't think they can take that much of the market share if they open up a new "fiat" based bitcoin exchange targeting US only while there is a much bigger and better exchange called Coinbase exists which has most of the market in its control.

[rosezionjohn]

Yeap, this is definitely most likely. Unfortunately for the Americans, it looks like the coins/tokens that would be able to trade will be very limited. Binance Jersey is pretty much only limited to BTC/ETH/BNB/FIAT pairs. The US version is most likely to be the same.

1. binance is segregating USA from international customers the same way bittrex did with their international platform. the reason bittrex did so was to comply with the SEC by ceasing to offer securities to americans. as a result, USA customers on bittrex don't have access to most IEO offerings + a few dozen security token markets, but we still have access to hundreds and hundreds of altcoin markets.

The Bittrex move is what I had in mind when I first heard of the news about Binance US.

It's interesting to see what happens to the entire Binance volume after this. With limited trading pairs available to the US market, I expect a huge decline in volume but that remains to be seen.

[btc_angela]

But they are not going to leave anyone behind, they are going to establish a separate trading platform that would work accordance to all US laws for providing service to all US residents. The platform would probably be called Binance US.

I believe part of this has to do with offering security tokens not registered with the SEC, and Binance's unwillingness to register as a national securities exchange. Bittrex and Poloniex have made similar moves. It's possible that most markets will still be available on the .US domain, minus a few dozen of the obvious securities.

And it could be because of SEC suing KIN https://www.sec.gov/news/press-release/2019-87. So Binance stay one step of the game by offering a separate trading for US residents only. It's a bold move, but at least they have dodge another bullet in doing that.

[waynechong1995]

Probably US citizen wouldn't have any access to most of the alts Binance was originally offering. Market is reacting negative over it although its uncertain that how US users were in Binance since. The separate trading platform would mostly like direct competitor to coinbase, still BNB is doing good simply because BNB has alot of incentives like ICO, discounts and variety of quality coins, i think binance.us wouldn't be a great alternative but lets see how things goes out

[pushups44]

The news about Binance blocking US residents was shocking. But you can't blame them as US has strict laws about Cryptocurrency and transfer of money.
But they are not going to leave anyone behind, they are going to establish a separate trading platform that would work accordance to all US laws for providing service to all US residents. The platform would probably be called Binance US.
More of it https://cointelegraph.com/news/binance-to-open-us-based-division-with-fincen-approved-partner/amp

I look forward to Binance offering a platform specifically for U.S. customers, since the options currently are somewhat limited. I registered to Kraken and perhaps will do so with Gemini soon. My main concern, besides the integrity of the platform, is how resilient it is to hacks. The unfortunate thing about Binance is it's proven itself to be resilient, so it's a bit annoying that U.S. regulators have made it go through these hoops. I am hoping there will be a seamless or near seamless transition.

[erikoy]

That is a good move to take for the binance team knowing that US residents are somehow restricted in other cryptocurrency trading or investment so binance is reaching out these people. Binance also knows that with the US residents having Binance would let Binance grow. But of course it also needs license to operate so Binance team nust secure a license first before they can start operating for the US residents.

[velive08]

The news about Binance blocking US residents was shocking. But you can't blame them as US has strict laws about Cryptocurrency and transfer of money.
But they are not going to leave anyone behind, they are going to establish a separate trading platform that would work accordance to all US laws for providing service to all US residents. The platform would probably be called Binance US.
More of it https://cointelegraph.com/news/binance-to-open-us-based-division-with-fincen-approved-partner/amp

maybe this is a good way for the people of the USA who want to go back to trading at binance. but I doubt if binance only opens a special trade only for the USA people, will it disrupt the decreasing sales volume? explanation please

[||bit]

I think the current pump (%5) caused by binance. They had lots of US citizen customers and they are just selling their alts and buying btc.

I wonder how things will happen from now on. Binance volume will drop obviously but binance US will get the difference or it won't be used by US citizens much.

[Broly46]

It’s now a high time to move everything out of exchange. One should never trust them will keep their promise. They will always change their policy. I’m glad to escape the hassle to comply with kyc bs requirement, and now they impose yet another region lock bs, I’m not interested to wonder what’s next, exchange tariff? Levies? Finger print? Eye scan? Certainly not a chance.

[slaman29]

The news about Binance blocking US residents was shocking. But you can't blame them as US has strict laws about Cryptocurrency and transfer of money.
But they are not going to leave anyone behind, they are going to establish a separate trading platform that would work accordance to all US laws for providing service to all US residents. The platform would probably be called Binance US.
More of it https://cointelegraph.com/news/binance-to-open-us-based-division-with-fincen-approved-partner/amp

Can't blame them indeed. Now US people will be forced to seek OTC methods or even just find ways online. Get some Bitcoin from ATMs maybe and then go online to gamble, and use those internal exchanges. I simply see no easier or cheaper way with the way things are going. Coinbase will love this development won't they?

[mk4]

I think the first one is more likely, but I don't think they will have access to hundreds. I'm gearing more towards like what Huobi did; with Huobi Global having the hundreds of cryptocurrencies, while Huobi(US) only has access to like more or less 20.

[Nalbo]

I think the first one is more likely, but I don't think they will have access to hundreds. I'm gearing more towards like what Huobi did; with Huobi Global having the hundreds of cryptocurrencies, while Huobi(US) only has access to like more or less 20.

It's due to SEC of USA categorizing most of the crypto as securities and having a different set of regulations that is difficult for a crypto exchange to fulfill. Binance US would also be in full compliance with SEC and consist of few number of crypto but most probably have an option of fiat deposit and withdrawal.

[jossiel]

Before this article came out, I've read from a different discussion that it's likely that they will do this. Creating separate domain and website just for the US market. CZ is smart and he won't just leave a huge market just like that without any alternative solution.

I think the current pump (%5) caused by binance.

That caused also a dump for Binance coin but that dump doesn't really affected itself because it has recovered immediately as it joins the market to be green again.

[Vishnu.Reang]

I think the current pump (%5) caused by binance. They had lots of US citizen customers and they are just selling their alts and buying btc.

I wonder how things will happen from now on. Binance volume will drop obviously but binance US will get the difference or it won't be used by US citizens much.

Well, the Bitcoin dominance has slightly increased from 55.5% to 56.5%, and that may support your claim. But at the same time, the BNB prices have remained roughly stable. In case what you are saying is true, then we should be witnessing at least 10%-15% drop for BNB (versus Bitcoin). It may be one of the reasons, but not the main reason.