Binance US user registration, deposits begin 18 September
A new USD to crypto gateway, a new USD stablecoin and one less global exchange for US-based traders.
Binance US will begin accepting user registrations and deposits on 18 September, at 8am ET to be exact, it's announced.
Immediately after opening, users will be able to sign up for an account, get verified and make cryptocurrency deposits, with trading going live shortly afterwards.
Initially the selection of coins available will include only BTC, ETH, XRP, BCH, LTC and USDT, but the range will expand in the future.
This "back to basics" approach is similar to the elementary fiat-cryptocurrency gateways Binance has created in other regions, including Binance Jersey (for EUR and GBP) and Binance Singapore (for SGD).
But volumes across these branches may vary. Binance Jersey in particular is showing very little trading volume at the time of writing, with a couple of the trading pairs available showing zero trades in the last 24 hours.
However, to an extent, this may be a reflection of the relative abundance of established crypto to EUR, and crypto to GBP exchanges already available in Europe.
It's also released a USD-pegged stablecoin to match the US exchange launch, in partnership with Paxos.
In the end, regardless of how individual gateways may perform, it's all part of a wider strategy to grow the world's financial services ecosystem.
"Launching a stablecoin approved by the New York State Department of Financial Services (NYDFS) is a strategic step for Binance to provide on-chain financial services for users across the world," said Wei Zhou, Chief Financial Officer at Binance. "We are happy to work with Paxos, a reputable leader on digital trust services, and hope to launch more compliant stablecoins backed by fiat reserves in the future, introducing more stability to the cryptocurrency world."
Disclosure: The author holds BNB, BTC at the time of writing.
- Blockchain in healthcare administration: Billions of lives, trillions of dollars
- Tim Draper: What Bitcoin and all my best investments have in common
- Mastercard launches distributed self-sovereign digital identity trial in Australia
- BitPay adds USDC, GUSD and PAX merchant support, but will people use it?
- The whole story behind Binance-listed Matic’s 70% price plunge