Changpeng Zhao, the CEO of Binance, informed that the U.S. exchange they are working on could be launched as soon as next month. He said that during a conversation with Cheddar a few days ago. Binance is one of the largest crypto exchanges in the market.
Binance U.S. Could Go Live Before November
The cryptocurrency exchange Binance is currently working to release its U.S. platform as soon as the next few months. The exchange became one of the most recognized platforms in the market and it is currently offering a large selection of crypto trading pairs.
Since the U.S. has a different regulation compared to other countries regarding the crypto market, Binance decided to start a new exchange in the country through a partnership with a firm called BAM Trading Services.
This platform will not be offering services to residents in New York since they do not have the BitLicense license provided by the regulatory agency of the state, At the same time, there is no information on whether they are planning to apply to receive one. Indeed the New York State Department of Financial Services (NYDFS) is known for being very strict with the procedure to accept new digital assets.
Many companies in the world would like to apply for a BitLicense but they don’t do so because of the high costs involved in the process.
Regarding the regulatory landscape, he said that the United States has a very developed traditional financial market. However, cryptocurrencies are a new asset class that requires regulations. In the United States, there are many different regulatory bodies and it makes it more difficult for the country to implement a fast and clear regulation to this industry.
During the interview with Cheddar, Mr. Zhao commented:
“I don’t want to promise any fixed dates but there is a lot of work being done. There are a lot of things in flux, but I would say [we’ll launch] in a month or two.”
That means that the Binance exchange is expected to be released at the end of September or in mid-October.
The main question is whether the damaged altcoins will be able to recover part of the market they lost during the last few months. Binance is a very important player for the altcoin market and the United States is certainly a very important country as well.
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