Will Binance.US Launch Bring in Benefits for All Traders? A Realistic Take

Binance is all set to launch its United States-based branch Binance.US. 

Strict KYC Procedures

Per a medium post published by Binance.US, the launch of the platform is expected in the upcoming weeks. Reportedly, KYC procedures will start a few days earlier. This will give users ample time to get their accounts verified and deposit their funds.

For completing the onboarding process, customers will be required to provide a valid government ID. It can be their passport, driver’s license or their social security number. The list of states where Binance.US will be available is not yet finalized. However, it will be released before the starting of the process.

From the CEO’s Desk

On July 2, 2019, Binance announced that Catherine Coley, the former head of XRP institutional liquidity at Ripple, had been appointed as the company’s CEO.

Coley said:

“I am honored to lead BAM and bring Binance.US to North America. […] This is just the beginning of a long journey ahead, and I look forward to working with Binance as a partner to unlock more potential for the blockchain ecosystem here in the U.S.”

Of the approximately 160 cryptocurrencies listed on its main platform, Binance has announced that 30 cryptos will be listed on Binance.US. These include the top eight cryptocurrencies— Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCHABC), Litecoin (LTC), Binance Coin (BNB), Tether (USDT) and EOS.

Is Binance Trying To Cover Up for Closing US Trading?

Binance updated its terms of use on June 14 to exclude trading on the platform in the U.S., which came shortly after its announcement of a U.S.-exclusive fiat-to-crypto exchange.

On the event, Binance CEO Changpeng Zhao (CZ) remarked

 “Some short term pains may be necessary for long term gains. And we always work hard to turn every short term pain into a long term gain.”

With that being said, it seems that Binance.US will not be very profitable for crypto traders but would bring profits for “futures” traders. Are all the recent updates just a facade to cover up for Binance’s earlier decisions? Let us know, what you think?

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