Binance.US, the United States branch of leading crypto exchange Binance is set to open the registration of new accounts today. The exchange unveiled this information through a blog post on September 17. Also, the firm revealed that it had excluded 13 states from this activity.
Per the blog post, the registration process would begin at 8.00 AM ET time in all but 13 US states. The excluded states include Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont, and Washington.
The CEO of Binanace.US, Catherine Coley said,
Although it is upsetting that we cannot offer Binance.US in the states where I grew up and earned my education at this time, please rest assured that this is just the beginning, and it is our mission to bring access to those of you in these states many of us call home.
The publication added that the registration process would need interested persons to have a valid government ID. Also, the applicants must have a social security number (SSN) to qualify.
Fee-free Trading at Launch
Binance.Us noted that it would start accepting inbound transfers of several leading coins once the registration process starts. These include bitcoin (BTC), ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), and tether (USDT). The exchange would also allow transfers involving the US dollar. However, this would only happen “upon appropriate account verification”. The report went on to note that the exchange would not charge trading fees from today until November 1.
Explaining how it seeks to make crypto mainstream, Binance.US stated that,
Reducing the barriers to digital asset adoption is one of our goals. Other marketplaces charge users excess fees to pass operational costs to marketplace users. We aim to change this trend by using a straightforward fee schedule. For personal accounts, we offer a flat fee of 0.10% per trade. If you buy $100 of BTC, your fee will be $0.10.
The exchange added that corporate accounts would have an adjusted fee schedule based on their volumes.
On top of this, the exchange said that it would separate from Binance.com. According to Binance.US, this separation is vital as it is a different firm ran by BAM Trading Services. As such, Binance.US will also store the funds of US users in its wallets.
This news comes after a report unveiled that the trading volume of Binance’s futures markets had surged past $150 million.
Do you think Binance.US will be successful in expanding its services to the excluded 13 states? Let us know in the comments below.