It is official. Binance.US has now opened for registration and deposit. And the community has answers to most of the questions. Let’s begin to understand how Binance.US is going to operate.
To begin with, it’s a major step as previously Binance prohibited Americans from using it.
Putting it across crisp, Binance US will treat everyone as a new user. It doesn’t matter whether someone is a registered trader on Binance.com or not. They will have to undergo a fresh registration process. This happens because the exchange operates under BAM Trading Services as a separate company. Some have voiced criticism over this. In particular, the users are not too happy about handing over their social security number (SSN) to the exchange after the recent KYC leaks.
BNB Coin to be listed
CEO of Binance, Changpeng Zhao announced on Twitter that Binance.US will be launching seven coins and not six as previously announced. The seventh coin is Binance’s native coin BNB.
CZ tweet reads: “$BNB is ready to be traded on Binance.US from the time it launches! This is what all the BNB holders has been waiting for to see!$BNB will be launched with $USD and $USDT trading pairs. The same also for $BTC $ETH $XRP $BCH and $LTC.”
Are assets insurance?
The KYC leaks and other troubles have left the traders wary of the Binance platform security aspects. The announcement does reassure the highest standards of asset protection. But there’s no mention of insurance.
What caught our attention are the zero trading fees until November 1, 2019. Post this date the fee schedule is going to be straightforward. Personal trading accounts will be paying a 0.10% fee per trade. And there will be an adjusted trading fee for corporate accounts based on the trade volume they bring to the platform.
Almost 13 states did not make it through the first cut. There is a lot of community disappointment as states like Florida, New York City, and Texas are left out.
For all the states that have access to Binance.US, the tokens/coins need a manual transfer from Binance.com. No auto transfers will happen. Depending on the account verification level, the traders can deposit digital currencies and fiat.
Post-registration, the platform will start accepting inbound transfers of BTC, ETH, XRP, BCH, LTC, USDT, and USD. But this is allowed only for a verified account. The full trading will go operational only when the liquidity conditions meet.
Furthermore, the listed coins can be bought only with USD via wire transfers. It does not support debit or credit card payment acceptance right now. The announcement promises to scale the services and add support shortly.