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US Customers Will Be Blocked From Binance Before New Exchange Is Ready

Binance CEO Changpeng Zhao says the leading crypto exchange Binance.com will block US customers before its new exchange Binance US is ready for launch.

In a new interview with Cheddar, Zhao says Binance US will not be open for at least another month or two. Meanwhile, US customers will be blocked from the company’s global exchange on September 12th.

Zhao says it’s still too early to put an exact date on when the new exchange will launch.

“I don’t want to promise any fixed dates, but there’s a lot of work being done and there’s a lot of things going on in flux, but I would say in a month or two…

I think the US is one of the most developed markets because I think it has good regulations in the traditional finance space. Crypto is a new thing, and for new things, the US is a big country and with a lot of regulatory bodies and a very large market… in a large market it is harder to regulate.”

After September 12th, US users in all 50 states will no longer be able to trade on Binance.com, but will still be allowed to withdraw their digital assets.

Binance says it’s considering 30 crypto assets for Binance US. Five coins in the top 20 by market cap are absent from the list: Bitcoin SV, Monero, Tron, LEO and Tezos.

 

Binance has partnered with a firm called BAM Trading Services, which will operate Binance US. BAM has hired Ripple’s former head of XRP institutional liquidity, Catherine Coley, as its CEO. Coley’s primary role is to manage the launch of the new digital asset marketplace.

Before joining the world of digital assets, Coley worked in the institutional foreign exchange market at Morgan Stanley and managed international payments for start-ups at Silicon Valley Bank.

Zhao says BAM is taking all necessary measures to ensure it’s fully compliant.

“The US has always been a very important market. Globally it’s one of the biggest markets for any business, including in cryptocurrency. We want to be fully compliant. Before we didn’t feel we had the experience to do that but now we have our partners so we want to take this opportunity to explore the market.”

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Written by Ravi Gupat

Ravi grew up in India and graduated in Economics. He is a serial entrepreneur who has founded and exited several companies in tech and media over the past 15 years. He is also an early stage investor and advisor in various blockchain-based companies.

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