BAM Trading Services has partnered with a global leading crypto exchange Binance to launch the Binance division, for the USA citizens, Binance. US. What to expect on the crypto trading market after Binance opens the US branch?
The article was updated on 22 November, 2019 by Amicus.
14 June, 2019, | AtoZMarkets - The global crypto trading platform Binance has been in the center of the crypto community’s attention in recent days. The wave of awareness from the crypto traders had also risen. At the time, the leading crypto exchange announced that it would stop serving US individual and corporate customers on Binance.com in September 2019.
Binance on the crypto community’s radar
Binance’s announcement came just a few weeks after a non-custodial exchange Binance DEX statement. Additionally, it will start geo-blocking 29 countries, and the USA among them from July 1, 2019.
According to the different media resources, Binance.com's monthly traffic coming from the U.S. customers used to be around 20-30% of all trades. By this moment, those numbers have also halved since early 2018.
The stricter rules for digital asset operators are making exchanges reshape their strategy on the US market. It is worth to mention that before Binance’s decision, the same approach toward US crypto traders was taken by Poloniex, Bittrex, and Gate.io.
The crypto trading platforms are seemingly following the new Financial Action Task Forse (FATF) policies. That decided to restrict US-based buyers from certain types of coins and tokens.
Binance opens the US branch, a new challenge for Coinbase?
While speaking about the partnership, Changpeng Zhao, Binance CEO, expressed the company’s excitement about the final launch of Binance.US. Zhao added that the new collaboration would “bring the security, speed, and liquidity of Binance.com to North America. “
“Binance.US will be led by our local partner, BAM, and will serve the U.S. market in full regulatory compliance,” the Binance CEO concluded. Binance and BAM Trading Services partnership recently got the approval for its FinCEN, on June 11. However, no specific date was for sure. Binance.US will launch very soon.
It is worth to mention that after Binance opens the US branch, it might start competing for a market share with Coinbase. This crypto trading platform is the only other exchange with a similar track record of success, with over $500 million in revenue. Furthermore, Coinbase is the most popular crypto asset exchange for the U.S. market. However, it has thrived over the years. But, the Binance CEO Changpeng Zhao assured that there enough room for every organization in crypto space to grow together.
Binance opens the branch in collaboration with a mysterious partner.
By the moment, there is not much known about the new crypto exchange’s partner. According to the different media resources, BAM Trading Services is registered as a service provider with the Financial Crimes Enforcement Network (FinCEN) regulator. An address from San Francisco, California, is also specified at registration.
BAM Trading Services mailing address on the FinCEN registration is c/o Koi. Koi Trading Compliance, in its turn, is part of 'over-the-counter (OTC) dealer Koi Trading. It is a trading startup based in San Francisco. However, on January 24, Binance Labs invested in Koi Trading $ 3 million.
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