Binance USA Opens It Doors To Traders

Binance USA Opens It Doors To Traders

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After months of build-up and uncertainty, Binance USA has officially opened its doors and is ready for users to sign up and enjoy their service.

The news of its launch comes not a second too soon for traders, after the international platform closed its doors to US traders last week, following an update to its terms of service.

This has meant that US traders who use Binance as their trading platform having nowhere to trade since September, 12th. However, as we detailed last week, these vagrant traders would only have to wait a few days for the new platform to open. With it opening its door to traders today.

Who Can Join and What’s On Offer?

The first thing to acknowledge is the fact that 13 states will not be able to use the service yet, with big-name states, New York, Florida and Texas among those currently not yet eligible to join the platform. This will be disappointing to many users out there, particularly as it is more than double the number of illegible states that platform was supposed to restrict. Binance USA CEO, Catherine Coley, has called this state of affairs “upsetting”.

The service is also limited elsewhere with only 6 cryptos available at the time of writing. Binance USA currently only offer support for bitcoin, (BTC), ether (ETH), XRP, bitcoin cash (BCH), litecoin (LTC) and tether (USDT), due to the regulatory framework in place at the new stateside exchange. It is interesting to note that their own stablecoin, which is linked to the Dollar and launched last week, BUSD, is not included in the trading options.

Will It Stay This Way?

While this state of affairs may not be quite what many US traders will be accustomed too, as it is a long chalk from the freedom they had at the international exchange, it is subject to change. Coley has made users aware that there is more to come.

Last week she stated, this initial registration period, “kicks off our first phase as we gradually roll out access to our digital asset marketplace across America. After trading launches for this first phase, we will be continually adding to the selection of digital assets available for verified users to deposit and eventually trade on Binance.US.”

She has doubled down on those comments following yesterday’s launch, asking that users should “please rest assured that this is just the beginning” before explaining that “it is our mission to bring access to those of you in these states many of us call home.”

When Does Trading Start?

If you are eligible for a Binance USA account, then upon successful account registration and verification, users can begin completing inbound transactions to the platform. It is important that traders move the funds from one location to the other as two platforms are essentially different entities.

These will be free up until the start of November, after this time, traders will then incur a straightforward 0.10 percent fee per trade. While the rest of the trading features haven’t yet be detailed, this should occur shortly.

If you are still eligible for the international platform, you can head over to Binance here. 

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