Binance Expands Its U.S. Horizons
At press time, the exchange offers primarily mainstream cryptocurrencies with large market caps. These include bitcoin, BNB – the exchange’s own cryptocurrency – Ethereum, Ripple’s XRP, Litecoin, bitcoin cash and the stable currency Tether, though just last August, Binance had announced it was adding the US Dollar Coin (USDC) – another stable coin – and Ontology to its list of offerings.
Both deposits and user registrations began last week, though the company is not operating in all 50 states. Some regions, such as New York – known for its largely anti-crypto attitude – enforce regulations that do not allow Binance to do business with customers in those areas. At the time of writing, 13 American regions are not open to Binance-based services.
Customers who get in early will have access to Binance’s zero transaction fee policy set to last through November 1. After that, all transactions will invoke fees of at least 0.1 percent.
Binance has had something of a rough year in 2019. The company, despite its size and stamina, was hit with a cyberattack that caused it to lose roughly $40 million BTC reserve funds. While customer wallets remained largely unaffected by the move and Binance had plenty more reserves stored away, the company mentioned in a statement that the attack still “hurt.”
Initially stationed in Japan, Binance later relocated to the European country of Malta in 2018, a region known for its crypto-friendly laws and legislation. The country has attracted a wide swell of blockchain and cryptocurrency-based companies over the past two years from areas like Asia, which has seen several countries, i.e. China, cracking down on crypto-based enterprises and innovation.
Strangely, Binance – despite is popularity and the breadth of its domain – does not boast the same security as enterprises like Coinbase, which is considered number one in the world of exchanges in terms of know your customer (KYC) protocols.
This Seems to Be a Trend
At press time, Binance isn’t the only U.S.-based crypto trading platform adding new coins to its ledger. Up in San Francisco, California, Kraken has announced that it’s adding two new coins to its system: Chain Link (LINK) and Dai (DAI). Trading begins on September 25, while Coinbase Pro continues to add new currencies to its platform on a regular basis, some of the most recent being Augur (REP), Maker (MKR) and EOS (EOS). Coinbase Pro is a division of Coinbase aimed at giving institutional players easier access to digital assets.
The constant addition of new coins suggests that digital currency’s popularity is increasing at an exponential rate.
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