Cryptocurrency exchange Binance has already finished the total setup for operations in the United States. In a post on their official medium handle, Binance US using the domain name: binance.us gave the required steps that will ensure users based in the United States get to operate the platform.
Binance pulled out of the United States due to uncertainty in the regulatory environment and the US government’s recent anti-crypto stance.
The United States Operates by a Different Set of Rules
Because the United States Securities and exchange commission (SEC) operates by its own rules, Binance had to license its operations in the United States to BAM trading services which use “American-only” standards for residents.
Firstly, the Binance US platform is set to take off on Wednesday, 18th of September, 2019 at 8.00 am Eastern which is exactly one hour before the New York Stock Exchange opens. The markets will start accepting deposits of BTC, ETH, XRP, BCH, LTC, and USDT first before other cryptocurrencies will be added in time.
Based on the United States identity verification protocols and procedures for brokerages, finance houses and other financial institutions, there are different tiers of identity verification which correspond to different levels of withdrawals on the platform. Deposits of the aforementioned cryptocurrencies can proceed after the required verification.
After that, the user can then proceed to trade as the rollout continues. Trading, however, will not happen in all the 50 states. The state of New York requires a Bitlicense for entities who want to offer cryptocurrency trading services in the state which in itself presents another unwanted hurdle.
Binance Tries to Innovate
Recent moves by Binance indicates its drive towards innovation. At the beginning of the month, the cryptocurrency exchange introduced two futures platforms for testing. This got many people excited but quite a few were also disappointed with some of the features of the platforms. There was also the issue of plagiarism which was addressed by the CEO.
Just today they launched their futures market which grew to about $150 Million when operating on an invitation-only basis. This got many people excited as well. However, these moves didn’t create any positive changes in the price of the Binance Coin (BNB).
Current prices show that BNB is down 6.26% to $20.16. This shows that the innovative moves that the guys at Binance didn’t have any impact on the price of the tokens. Then again, upon a deeper consideration of the situation, there is more to the Cryptocurrency markets than meet the eye at the moment.
Firstly, the cryptocurrency markets are moving sideways. This indicates an apathy with a low appetite for risk. It doesn’t mean however that crypto-winter will return. The markets have been ranging around specific prices indicating that a major rally is up ahead. Secondly, the various platforms that Binance has started implementing are still in their very early stages. As such, the impact won’t be felt just yet.
But with Binance’s return to the US marketplace, things may change for BNB. It is only time that shall tell.