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What Is Binance.US – All You Need To Know About Binance’s Crypto Platform For The United States

· in Breaking, Crypto News, Guides
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Introduction

Binance.US is a cryptocurrency exchange created by Binance and operated by BAM Trading Services. This is the U.S. Branch of the popular digital exchange Binance. The platform has been recently launched and it is now accepting users and deposits. 

Although not all the virtual currencies supported on Binance will be available on the Binance.US platform, the exchange will be trying to add new digital assets according to the regulations imposed by the United States. 

Basically, the cryptocurrency exchange Binance.US is very similar to the Binance that investors know all over the world. The main differences are related to the number of assets listed by Bianance.US and the jurisdictions supporting the platform. 

In this article, we will be trying to show the main features of this platform and which are the main differences with the traditional Binance exchange. 

Binance.US Supported States and Jurisdictions

While Binance operates in many jurisdictions around the world, the Binance.US branch will be available only in the United States. However, there are some restrictions for users in the following states:

  • Alabama
  • Connecticut
  • Florida
  • Hawaii
  • Idaho
  • Louisiana
  • New York
  • North Carolina
  • Texas
  • Georgia
  • Vermont
  • Washington

In the future, the number of jurisdictions supported by the platform would be able to grow according to the regulations imposed by each of these states. 

Binance.US Supported Cryptocurrencies

The official launch of the Binance.US exchange included just 7 coins, compared to Binance that currently has over 100 digital assets listed on its platform. 

The first coins supported by Binance.US include the following:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Ethereum (ETH)
  • XRP
  • Litecoin (LTC) 
  • Tether (USDT)
  • Binance Coin (BNB)

As there are just a few digital currencies, the number of trading pairs is also going to be reduced. At the moment there are USDT and USD markets with 13 different trading pairs, including:

  • ETH/USD
  • BCH/USD
  • BNB/USD
  • BTC/USD
  • LTC/USD
  • XRP/USD
  • USDT/USD
  • BTC/USDT
  • ETH/USDT
  • XRP/USDT
  • BCH/USDT
  • LTC/USDT
  • BNB/USDT

As we have written above, the platform will also accept USD fiat deposits to trade against virtual currencies. 

Some of the cryptocurrencies the team behind Binance.US is exploring include:

Cardano (ADA), Decentraland (MANA), Raven (RVN), Waves (WAVES), Cosmos (ATOM), Dash, IOTA, NANO, TrueUSD (TUSD), Stellar (XLM), Basic Attention Token (BAT), EOS, Holo (HOT), LINK, NEO, USD Coin (USDC), Ethereum Classic (ETC), Loom Network (LOOM), Paxos Standard (PAX), Zilliqa (ZIL), Augur (REP), VeChain (VET) and 0x (ZRX). 

It is worth mentioning that there is no confirmation the team behind Binance.US will be adding these digital assets with 100% certainty. Everything depends on the regulatory environment and how the exchange is going to be dealing with regulators in the United States. 

The firm will always be informing users if there is a new listing or if they are exploring adding other virtual currencies to the platform. 

Moreover, Binance.US adopted a Digital Asset Risk Assessment Framework to help select bona fide blockchain projects with a real chance of making the world more efficient, provide more transparency in the listing standards and ensure Binance.US is compliant with all the legal requirements.

Trading Fees

Binance.US has similar trading fees as Binance. The main difference between these two exchanges is that the promotions valid for one exchange may not be available for the other. 

For example, Binance.US is offering zero fees for all trading pairs before November 1st. This promotion is currently not available for Binance’s main platform. 

Considering Binance.com main fee structure, the general trading fee is 0.1%. Users that hold BNB coins will be using these digital assets to pay for fees with a 25% discount. At the same time, users that handle larger trading volumes would have better discounts. 

Binance.com provides users with more information about it in this link

Verification

The personal account verification requirements will change according to the user’s needs. For example, users that want to withdraw up to $5,000 will only need to share their name, gender, DOB, address, and social security number. The approximate approval time is just a few minutes and it allows individuals to handle digital assets. 

The advanced verification requires users to follow the basic verification step (mentioned before), include a U.S. Driver’s License, or a Passport, or a Green Card, or a State I.D. Card. In addition to it, it will be needed a Proof of Address such as a bank statement or utility bill. The verification process takes a few hours and it will be possible for them to handle only digital assets. The daily withdrawal amount goes up to $1 million per day. 

Users that want to trade fiat currencies will have to follow the Basic and the Advanced verification processes and answer additional questions. The verification process takes 1 day and users will also be able to withdraw $1 million per day. 

In the future, Binance.US is expected to release a mobile version. However, the firm released the Binance.US exchange just for desktop/mobile web access.

Conclusion

Binance.US is the United States ranch of the recognized and popular cryptocurrency exchange Binance. Although the goal is to offer similar services as Binance is currently offering around the world, there are some details that differ from those present in Binance. 

Binance.US includes a smaller number of trading pairs because the platform listed just 7 coins. However, Binance.US includes the USD as a fiat currency to trade against many virtual currencies, including Bitcoin, Ethereum, Bitcoin Cash, XRP, Litecoin, Binance Coin and Tether. 

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