The recognized Binance exchange is now trying to expand in the United States through a new trading platform managed by a firm called BAM Trading Services. The exchange is also expected to be using Binance’s wallet and matching engine technologies. Until now, Binance didn’t offer all of its services to US clients due to regulatory issues.
Binance Working On A Trading Platform In The United States
If Binance is able to receive regulatory approval, that would be the official entry into one of the most profitable markets for crypto exchanges. Nonetheless, individuals and investors were already able to have access to the Binane exchange.
The CEO of the cryptocurrency exchange Changpeng Zhao, said that they are excited to launch Binance US and improve their security and liquidity. He has also mentioned that the exchange will be led by their local partner BAM to operate in full compliance with the regulatory framework.
According to CoinDesk, BAM Trading Services registered itself as a money services business with the United States Treasury’s Financial Crimes Enforcement Network (FinCEN). It also appears that the company is located in San Francisco, California. Nonetheless, the registration document notes that the FinCEN does not confirm or verify the information submitted by the MSB.
In addition to it, BAM Trading seems to be working with Koi Compliance, which is the over-the-counter (OTC) crypto trader Koi Trading. Binance has also invested $3 million in Koi Trading, as per the report released by CoinDesk. The Binance exchange has also launched a new decentralized platform dubbed Binance DEX and its own blockchain network called Binance Chain.
Binance is one of the largest exchanges in the market in terms of trading volume. In the last 24 hours alone, the exchange handled $2.28 billion in trading volume, as reported by CoinMarketCap.
Although the Binance Coin (BNB) has been operating in a very positive trend during the last months, it is currently falling 6.53%. This is the largest price decrease among the top 34 digital currencies in the market. Just a few days ago, the virtual currency used on the Binance platform registered an all-time high close to $36 per coin. Additionally, it was able to surpass $5 billion market capitalization.
At the time of writing this article, Binance Coin is being traded in the 7th position with a market capitalization of $4.58 billion and a price per coin of $32.46.
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