Just 50 days after it was launched, Binance America claimed it has settled trades amounting to 759 million USD. The trades were settled with Binance America’s fiat partner Prime Trust, a Blockchain-based trust firm offering Anti Money Laundering, Know Your Customer Compliance, fund processing and IRAs and asset protection to ICOs.
Catherine Coley, CEO of Binance America and a former Ripple employee, stated the milestone.
Catherine said: “Within 50 days, $759M USD of trades have been settled! Looking forward to the continuing success of the partnership.”
Good partners are key to success. https://t.co/Bu69RSj0gp
— CZ Binance (@cz_binance) November 16, 2019
Binance launched its American version on September 24 across 37 states of the nation. The move is in compliance with the financial laws of the US. To comply with US laws, Binance fenced out US users around 90 days it warned its customers of the necessary restrictions. Binance, afterward, announced the launch of its US version referred to as “a marketplace that’s suited for our American users,” chaired by Catherine.
The regulatory clampdown that forced Binance to restrict US users was preceded by the action taken against Bitfinex and BitMEX by the US regulators.
After the launch, Binance America has been careful in including cryptocurrencies to its platform due to regulatory compliance.
Upon that, the platform broke $10 million volume mark in October 23, the first of its kind since launch. The platform has added Bitcoin, Ethereum, Ripple’s XRP, Bitcoin Cash, Litecoin, Binance Coin, Tether, and some other digital currencies followed.
The growth continued for Binance US and for its main exchange. In earlier October, Binance Futures hit around $700 million record when other platforms were stagnant.
Interestingly, within 30 days of its launch the American digital asset marketplace, it saw over $15 million in daily trading volume.
Within the same 30 days, Binance America increased its listed token from seven to twenty-four, with trading pairs on the platform amounting to 40. The growth was also celebrated with the introduction of crypto purchase debit cards. Meanwhile, Binance.US is seeking licenses to service the remaining states in the US.