In a recent interview of Cheddar
with Changpeng Zhao, the popular CEO of Binance, CZ asserted that the Binance US platform may possibly be launched in a month or two, i.e. before November of this year.
We would remember that two months ago, this cryptocurrency exchange platform announced
that USA-based users will be barred from trading and depositing on their Binance accounts starting September 12, 2019 as part of their continuing global compliance efforts to review user accounts and to improve the platform's security.
Also on the same day of the announcement, the crypto exchange company has asserted that "Binance will license its cutting-edge matching engine and wallet technologies to its US partner BAM to launch Binance.US
, acknowledged by its recently approved FinCEN registration on June 11, 2019." After more than two months from these announcements, what have been the progress of BInance in terms of the rollout of its trading platform in America?
Well there are no specific details yet as to when would really be Binance US be available for American crypto traders but CZ asserts, "There are a lot of things in flux, but I would say [we'll launch] in a month or two." Would they be able to have the Binance US trading platform available in all US states including New York?
In this aspect, what is clear right now is that Binance US Division won't initially launch in New York because the Binance exchange company and BAM both haven't gotten a BitLicense yet. It is still unclear whether or not the trading company and its US partner have any plans of getting this specific FinCEN-regulated license. But why is it important for Binance to still include the US market in its trading operations despite the changing regulatory landscape of the US on cryptocurrencies?
First and foremost, according to the research of The Block, around 20% of the Binance traffic comes from the USA.
Second, even Changpeng Zhao asserts that "The U.S. has always been a very important market; globally it's one of the biggest markets for any business, including in cryptocurrency."
With the exclusion of US-based traders from the Binance platform coming on September 12, we can only imagine the rush among the teams from Binane and BAM to efficiently work on the launch of Binance US that is fully compliant on the country's regulations and the complicated global policies set on cryptocurrency exchanges.