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The world’s largest crypto exchange will be opening its US platform across most of the country next week. It has announced the listing of six crypto assets for trading but conspicuously missing from that list is its own Binance Coin.
Binance.US Opens Next Week
Binance stated that its US platform will be open for registration and deposits on Wednesday next week. The announcement came in a blog post yesterday but what was notable was the six initial crypto assets it has allowed.
Prepare for Launch: https://t.co/AZwoBOy3iq User Registration Opens Next Wednesday!@BinanceAmerica will open account registration & begin accepting deposits of BTC, ETH, XRP, BCH, LTC & USDT on Sept 18th, 2019, at 8am ET.
This kicks off our first phase!https://t.co/wfAREA0TYR
— Binance.US 🇺🇸 (@BinanceUS) September 11, 2019
Only Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin and Tether will be available for trading which begs the question, why no BNB? Clearly the company would not have omitted its own flagship currency out of choice, so regulatory matters may have influenced the decision.
The announcement went on to state that US customers will be able to register and select their verification level which on September 18. Stringent KYC proceedings will need to be adhered to if users want to cash anything out of the exchange which makes it effectively a digital bank. Binance.US will require users to upload a valid government ID and their Social Security numbers in order to activate their withdrawal limits.
In a blog post last month Binance said that there could be as many as 24 additional crypto assets available in the next phases of the US rollout. There was no time frame given and it added that all would be subject to its Digital Asset Risk Assessment Framework. The more likely scenario is that US regulators will be deciding what tokens the exchange can list and its own one doesn’t appear to be among them.
BNB Falls Out Of Favor
BNB has been one of the crypto darlings of 2019, outperforming nearly all of those around it including the king of crypto itself. From the beginning of the year BNB surged over 500 percent to a giddy height just below $40.
Since then however it has dumped over 50%, crashing back down to $20 where it currently trades. Some are not fearful of the FUD and see this as a good entry point.
$BNB at $20 is a good longterm buy.
I think $100 is well in reach next time we see a large bull cycle….
Temporary fud means nothing and @binance will launch a US solution.
— Cactus (@thecryptocactus) September 11, 2019
Whereas others predict further pain for BNB as the selloff accelerates. With the closure of US based accounts on Binance main imminent, there is all likelihood that Americans will begin dumping BNB in preparation for a move to Binance.US – where it is not listed.
BNB update: REKT 🤷♀️ pic.twitter.com/RCtbum1skY
— Bluntz (@Bluntz_Capital) September 12, 2019
Another factor is that many of the obscure altcoins listed on Binance are not available in other jurisdictions due to regulatory pressure making it one of the few markets for them. This of course adds to the selling pressure on altcoins in general, of which BNB is one.
Either way it looks like Americans will be stuck with a very small crypto pot as their lawmakers continue to drag their feet with regards to regulation, and the Binance Coin bears will keep selling.
Image from Shutterstock
