The latest cryptocurrency news show that the major cryptocurrency exchange Binance and its United States-based branch named Binance US (Binance.US) will launch in the coming weeks. Preceded by the Know Your Customer (KYC) registration details a few days earlier, the crypto exchange Binance.US and its launch is expected in the following weeks.
According to an official Medium post published by the exchange on September 6, the launch of the trading platform is what is going to follow the KYC onboarding (starting a few days earlier). The main aim of everything is to ensure that users will have enough time to verify their accounts and deposit their funds.
The crypto exchange BinanceUS (Binance.US) is described as:
“…a fast, compliant, and secure digital asset marketplace. As a local partner of the global Binance ecosystem, we bring the best-in-class technology, speed, and execution of Binance to everyday users in the United States.”
In order to complete the onboarding process, every user of the crypto exchange Binance US will be required to provide a valid government ID – such as a driver’s license or passport – as well as their social security number. As the post noted, the list of states where the exchange will be available is still not finalized. However, it will be released before the start of the onboarding process.
The blog post on Medium has spread quickly in the altcoin news. Users looking for information on the registration process for registering on the crypto exchange Binance US will find the following paragraph helpful (as Binance.US said in the official blog post):
“KYC (know your customer) will be required for trading on Binance.US. Setting up a new account will require a valid government ID (driver’s license or passport) and social security number (SSN) to register for access to the Binance.US marketplace, available in most U.S. states. We are finalizing the list of states where we will start to roll out service to users and will release this list before we begin onboarding customers.”
On the other hand, many best cryptocurrency news sites reported that crypto enthusiasts living in the United States lost a lot of trading options for many crypto assets when Binance became unavailable to them in September.
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"Launching tomorrow, Binance.US is a fast and secure digital asset marketplace, delivering the world’s leading digital asset trading technology, speed, and experience to everyday users in America," the post said.According to an official blog post which went viral in the Bitcoin and altcoin news published on September 17, the exchange will start the registration at 8am ET on September 18 in most of the US states. The list will exclude the states of Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont and Washington.
“Although it is upsetting that we cannot offer Binance.US in [these] states [...] at this time, please rest assured that this is just the beginning, and it is our mission to bring access to those of you in these states many of us call home,” the post continues.Once the registration process starts, Binance.US will start accepting inbound transfers for Bitcoin (BTC), Ether (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Tether (USDT) and USD "upon appropriate account verification" as the exchange revealed. According to the announcement, there would be no trading fees until November 1st. A popular question in the coming altcoin news are the trading fees. As Binance.US stated in the post, they are an "independent entity" which means that any of the digital assets held by other trading venues or custody solutions "will not automatically transfer to Binance.US." The fees for personal accounts are 0.10% per trade (flat) which means that if you buy $100 of BTC, the fee will be $0.10. Binance.US also noted that the exchange will be separate from Binance.com since the former is a separate company operated by BAM Trading Services. Currently, US users and their digital assets will also be stored in Binance.US wallets. As many best cryptocurrency news sites reported on September 11, the 24-hour trading volume of major cryptocurrency exchange Binance and its futures markets has exceeded $150 million, all of which was denominated in USDT.
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Wells Fargo Will Launch A New Stabelcoin Cryptocurrency Next Year
“We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the technology to banking in a material and scalable way. Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.”Wells Fargo will launch its stablecoin after the largest bank in the United States JPMorgan Chase announced the launch of their own digital currency as a solution to changes in the global financial space. JPMorgan’s coin saw some mixed reactions on the announcement which was made earlier this year. The stance that both banks have is based on the decentralized cryptocurrencies. At many points, the executives have issued warnings about the dangers of using innovations and the control of the fiat-based financial system. Wells Fargo made it to the headlines after it confirmed it was refusing to allow some of the domestic banking customers to use cryptocurrencies and conduct crypto-related transactions. One of the officials of the bank pointed out:
“Unfortunately, Wells Fargo does not allow transactions involving cryptocurrency. As a result of the increasing digitization of banking services globally, we see a growing demand to further reduce friction regarding traditional borders, and today’s technology puts us in a strong position to do that.’’As per the announcement in the coming altcoin news, the governments and central banks are still drawing lines as to what the iterations of cryptocurrency are acceptable. Facebook’s Libra crypto project is also set to release in 2020 so a lot of interesting crypto projects are preparing for next year.
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