Changpeng Zhao, the CEO off Binance exchange has predicted that the exchange would resume crypto-to-fiat operations in the US in two months. He made this bullish prediction while in an interview on August 15.
Responding to a question about when Binance would resume its operations in the US, Zhao said,
There are a lot of things in flux, but I would say [we’ll launch] in a month or two.
This news comes after the exchange announced that it would temporarily restrict services in the US in June. According to a report, Binance paused trading in the US to open a new division, from which it would operate. This move involved a partnership with a FinCEN-approved partner dubbed “BAM Trading Services.”
Per Zhao, regulation in the US is a key issue. He went on to state that teaming up with BAM would help Binance navigate the US regulatory environment smoothly.
Zhao further cited that,
now we have our partner, we want to take this opportunity and explore the market.
The Future of the Crypto Market
Speaking about the effect that the ambiguity of US regulations has on the crypto space, Zhao noted,
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.
However, he went on to show optimism for the future of US regulation. Zhao stated that the US has made very clear policies in the past. He added the entire crypto space hopes the country would implement clear crypto regulations in the future.
Explaining how Binance aims to seize the opportunity when this time comes, Zhao said,
At the same time, some early adopters in this space will be better rewarded. There are uncertainties in the regulatory space, but we’re willing to try.
While Binance is making significant steps toward making crypto mainstream, the exchange continues facing security issues. A report unveiled that a recent dusting attack on litecoin (LTC) affected approximately 300,000 Binance users earlier this month.
James Jager, the project lead at Binance Academy discovered this attack noting that,
It was network-wide, which meant it affected all users of litecoin that had an active litecoin address at the time. The address of the person responsible for the dusting attack can be found here: https://blockchair.com/litecoin/address/LeEMCDHmvDb2MjhVHGphYmoGeGFvdTuk2K
Do you think Binance launching a new division in the US will help increase crypto adoption in the country? Let us know in the comments below.