The re-emergence of the Binance exchange in the US is big news.
Tech journalists are reporting the assertions of Binance CEO Changpeng “CZ” Zhao, who gave an interview with Cheddar on Wednesday suggesting that within two months, a dedicated Binance U.S. exchange will be up and running stateside, where Binance has not been operating for a while.
Zhao cited a history of “very clear regulations” by U.S. federal agencies, and suggested the company wants to make a good-faith effort to extend its services to American investors.
One place where Binance won’t be operational is in the state of New York – New York laws and the requirement to gain a “Bitlicense” to sell crypto in New York have pushed almost all companies away from offering cryptocurrency products in the state. Kraken, Bitfinex and others have made their own infamous exits from the Big Apple and its surrounding environs as New York proves itself to be one of the toughest places to do business in crypto.
Many other states have much more lax regulation, and a lot of them don’t have any regulation all. That’s partly because cryptocurrency is so new. There are federal regulations in play, but Binance seems hopeful that it can work with the feds, and even, by extension, cooperate with state governments as it makes history in its U.S. landing.
I am humbled to give you a peek into some of the exciting developments coming soon for Binance US,” writes an anonymous Medium poster and assumed Binance insider, going over some of the nuts and bolts of the proposed American exchange. “Over the past few months, the team has been heads down, focused on developing for you a tailor-made platform to access cryptocurrencies in the United States.
Binance US aims to be your gateway to the crypto world, and I stand by our values that we are welcoming all of you to an inclusive ecosystem that is built to suit both new and experienced traders alike.”
Stay tuned as Binance touches down on American ground.