Binance.US Exchange Set To Open In The “Next One Or Two Months” Per Binance CEO, CZ
In an interview on August 16, Changpeng Zhao, CEO of Binance, confirmed the exchange will resume cryptocurrency to fiat trading in the U.S by November this year.
The exchange halted operations in the country in June citing regulatory uncertainty by the financial authorities on some cryptocurrency assets traded on the platform.
Binance Partners With BAM Trading Services
Changpeng, aka CZ Binance, said that having a presence in the US will provide a gateway to a large cryptocurrency market hence his continued efforts to stay there.
He confirmed the exchange is working on regulatory compliance through a partnership with BAM Trading Services to navigate the U.S regulatory barriers.
“I think globally it is one of the biggest markets for any business including cryptocurrencies,” CZ said on the question of coming back to the US. “We are very glad that we have a partner there, BAM Trading services, so they can help us navigate the regulatory compliance issues.”
Binance.US Set to Launch By November
CZ further predicted the launch of Binance.US platform saying the exchange will be ready for U.S customers in about “one or two months”. He said,
“I don’t want to promise any fixed dates, but there’s a lot of work being done and there’s a lot of things going on in flux, but I would say in a month or two.”
However, residents of New York state will be locked out of trading on the exchange as the local partner is yet to gain a Bit License.
Future Of Crypto In U.S Market
CZ further explained the ongoing regulation ambiguity in the U.S stating that the regulators have much more to do given the size of the market.
“Crypto is a new thing, and for new things, the US is a big country and with a lot of regulatory bodies and a very large market […] in a large market it is harder to regulate.”
He further urged the industry to get moving in these early days of cryptocurrency despite the regulatory issues as “the reward will be much bigger for early adopters.”