Will U.S. Binance Fans Embrace the Platform or Migrate Elsewhere?
One of the world's most successful exchanges, Binance has garnered fans from across the world and in the United States as well. Despite being a relatively new exchange that launched in 2017, it managed to rival much older and established exchanges. Despite the occasional hiccup, Binance has developed a reputation of a transparent, and cutting edge exchange.
As we've previously reported, Binance has bent the knee to U.S. regulators. Binance's CEO CZ, has split binance essentially into two, Binance Global & Binance.US. Each exchange operates as a separate entity despite sharing the same name.
U.S. Cryptocurrency Traders & Binance
In Binance's US-dedicated version, many of Binance's functions, such as margin trading and IEO launchpad will not be available. In addition to that, many trading pairs and currencies will be unavailable due to unclear U.S. regulations.
Trading on Binance.us is launching in less than 24 hours with a short list of available currencies similar to Coinbase Pro. The currencies that will be available on launch are the following: Bitcoin, Binance coin (BNB), Ethereum, XRP, Bitcoin Cash, Litecoin and USDT (Tether). Users can also deposit in Binance US with those currencies. Currencies rumored to be added in the future are: Cardano (ADA), Basic Attention Token (BAT), Ethereum Classic (ETC), Stellar's XLM and 0x.
Binance.us will initially serve 37 states within the United States and is likely to slowly expand to the remaining 13 states. Traders from the following states will not be able to trade on Binance.us currently: Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont, & Washington.
In Binance.us traders will be able to deposit with either cryptocurrencies or via bank transfer. Credit cards will not be supported initially.
Binance.us Perks and Benefits
As with any new platform, some form of promotion or incentive to join is usually needed. Binance.us offers two big perks.
The first is zero trading fees for all trading pairs until the 1st of November.
The second is a $15 USD referral program for both the referrer and the referral. This will likely be paid in Binance Coin (BNB).
As with the wide majority of Binance's products we can expect Binance.us to be a great trading platform. We can anticipate that Binance will continue to grow and traders will be SAFU.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado