Binance US is a project to provide cryptocurrencies to U.S.-based clients by utilizing all of Binance's experience and resources over the years. So, before we get started on the Binance US side, let's take a look at Binance first.
Binance is a cryptocurrency exchange that was founded in 2017. The words "binary" and "finance" were combined to form the name Binance. That's why, rather than changing the name of Binance for US consumers, it was simply extended to include the United States.
Binance has been welcoming American customers since its inception. However, after some regulators in the United States began complaining about them, Binance announced the creation of Binance U.S., which would follow local laws.
The extremely popular firm was co-founded by He-Yi and Changpeng Zhao. Zhao is currently the CEO. After Binance's debut, he graced the cover of Forbes — that was how big a deal it was. He didn't emerge from nowhere. Zhao earned his computer science degree in Canada and proceeded to learn the most up-to-date knowledge and strategies by working at the Tokyo Stock Exchange. He then obtained his crypto skills from Blockchain.info and OKCoin.
Early in his career, Zhao got a tattoo of the Binace logo on his arm to demonstrate how devoted he is to building the finest trading business possible.
The CFTC and SEC began to complain about Binance - claiming that while it had not officially worked in the United States, US consumers were able to access it.
On March 31, Zhao revealed the establishment of Binance US – a new spin-off led by Catherine Coley, a former Ripple executive. She is now Binance's CEO and "regulator-friendly face" in an effort to win over American crypto traders.
Catherine Coley is the president and CEO of Binance from San Francisco, where it all started. Binance, the parent organization, is officially based in Malta, although it also has offices in Jersey, Singapore, Hong Kong, and Uganda. And now San Francisco!
The number of Binance users worldwide is unknown. However, an article claims that 30% of Binance's traffic in early 2018 came from the United States, and that figure subsequently decreased to 15% as a result of the regulations.
A nearly 90% decrease in visitors is indisputably significant. Perhaps many of these people simply use a VPN to access their preferred cryptocurrency trading platform. In any case, it's now simpler for U.S. residents to trade on Binance since Binance US registration began September 18th, 2019.
This Binance US review wouldn't be able to get off the ground without first discussing what Binance US provides to its customers, and especially what the future may have in store. Which cryptocurrencies are presently available? Which cryptocurrencies might be included in the future?
Will the candidate asset's trading have an impact on Binance US' ability to fulfill legal obligations; Does the core team of the candidate asset have a well-defined plan to address a genuine problem and make the world more efficient? How successfully the candidate asset's community members interact with each other and the core team, as well as whether or not the asset has a track record of compromising and reaching consensus; Is the market supply and demand for the candidate asset reasonable and fair, and are Binance US's quantitative criteria likely to be met? Is it technically feasible to trade and/or develop?
To date, Binance US has used these five criteria and the whole framework to list the following cryptocurrencies on their platform: BTC, ETH, XRP, BCH, LTC, BNB, USDT.
Now, in this Binance US review, we've provided a lot of information in a few big paragraphs. So, for those of you just skimming through this Binance US review, here are some highlights:
Pros: Binance US is quick and painless. It has the same technology as Binance (which processes 1.4 million orders per second), and transaction fees are 0.1 percent. Liquidity - Binance US has provided a great liquidity to its customers since the platform opened for trading. Binance has an excellent reputation. It's based in the United States, where "the customer is always right." Binance has a strong reputation for security and innovation.
Cons: Currently, Binance US does not provide services because to missing regulatory criteria required by New York. In addition, the following 12 states are affected: Alaska, Alabama, Connecticut, Georgia, Florida, Hawaii, Louisiana, North Carolina, Idaho and Vermont. However, Binance US is preparing to trade with individuals from these 13 states. There is a limited range of cryptocurrencies available for trading. Despite the fact that they are looking into 23 new coins, Binance US now offers just 7 digital currencies. This is in stark contrast to the hundreds on offer by Binance itself.
To sum up this Binance US review, I'd recommend that if you're a resident of the United States, you should have an account with them. Binance has a long history, and it should quickly develop into a great trading platform for Americans.