Major cryptocurrency exchange Binance is establishing a United States-based division with a Financial Crimes Enforcement Network approved partner, BAM Trading Services.
Major cryptocurrency exchange Binance is establishing a United States-based division with a Financial Crimes Enforcement Network (FinCEN) approved partner, according to a press release shared with Cointelegrpah on June 13.
Binance is reportedly forming a new trading platform targeting U.S.-based clients dubbed Binance US, with a company called BAM Trading Services. BAM will be the operator of Binance US, using Binance’s wallet and matching engine products.
Binance CEO Changpeng Zhao reportedly said, “We are excited to finally launch Binance US and bring the security, speed, and liquidity of Binance.com to North America. Binance US will be led by our local partner BAM and will serve the U.S. market in full regulatory compliance.”
A representative from BAM Trading Services stated, “it is an honor to partner with Binance, leveraging its tier-one security and technology in tandem. We are committed to providing a secure and compliant platform, and beginning the start of a fruitful alliance with Binance.”
Earlier in June, news broke that Binance will reportedly issue its own stablecoins pegged to different currencies, with the exception of the U.S. dollar. Explaining the company’s decision, Binance’s Chief Financial Officer, Wei Zhou said that “from the users’ perspective, only certain portions of the world use the dollar. Other users use other currencies, and we feel it should be reflected in stablecoins as well.”
Also this month, it was reported that the website of the decentralized exchange (DEX) developed by Binance will block website access to users in 29 countries, including the U.S. The site also warned about how trading and accessing the wallet interface through the website will be blocked for users with IP addresses from those countries, regardless of their actual location.