The number one cryptocurrency exchange platform, Binance, doesn’t find it funny that the US regulators are yet to approve its specialized trading platform for the US citizens, BinanceAmerica. The exchanges itch for this approval, knowing there is a huge business opportunity for it in the United State.
Binance has been unable to provide services to the US citizens, following the recent ban of the citizens from trading on Binance exchange platform. The exchange has opted to launch another trading platform for the US citizens.
According to the Draconian Laws, effective from 2019/09/12, users who are not in line with Binance terms of use, will no longer be able to trade or deposit on Binance.com, but can only continue to have access to their wallets and funds.
This arrangement did not go down well with a lot of Binance customers, but the CEO at Binance quickly came up with a plan, to partner with BAM Trading Services Inc., to enable the exchange offer trading services in the US.
According to CEO Changpeng Zhao, the partnership will enable Binance exchange to license its technologies to its US partners who are regulated by FinCen approval.
He went further to say that launching Binance.US will bring speed, security, and liquidity of Binance.com to North America. Binance.US would be lead by the local partner, BAM to serve the US market operating in compliance to the regulations.
Suggested Reasons for Delay in Approving BinanceAmerica
There have been delays in the approval of Binance US entity because the operator of Binance.US, BAM Trading Services, does not have a BitLicense, issued by the New York State Department of Financial Services. The exchange will not be able to render services to New York residents at launch.
The report shows that so many are not happy about Binance plan, mostly the BNB token traders. Binance Coin fell by 5.27% upon the update of the partnership news. This is an indication that not everyone wants to go by the plan.
Binance.US is expected to go live in November but the CEO in an interview update said, there are a lot of things in flux, but hopes for a launch in a month or two.
