As the Binance.US platform starts operations today, thirteen states, including New York City will not have access to the platform. This is according to a post made by the Binance.US CEO on the 17th of September. However, Binance has promised to work on giving these states access to exchange services in the coming weeks.
“Although it is upsetting that we cannot offer Binance.US in the states where I grew up and earned my education 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.”
User registration will begin at 8:00 am on the 18th of September in a number of states. The excluded states include Washington, Texas, Vermont, North Carolina, Louisiana, New York, Hawaii, Idaho, Alabama, Connecticut, Alaska, Florida, and Georgia.
How will Binance.US operate
Binance.US has also announced that there will be no fees charged for new users until the 1st of November 2019.
The exchange will only offer support for Bitcoin, XRP, Bitcoin Cash, Litecoin, Tether, and Ether once registration begins. Surprisingly, Binance.US does not provide support for its Coin, Binance Coin. Trading is set to start once the exchange attains enough liquidity for trading.
Binance.US CEO, Coley also added that those investors with their funds in Binance.com would not be able to access their funds through Binance.US. She cited that Binance.US is a separate legal entity that’s operated by a US company, BAM Trading services.
As of now, Cohen pointed out that the platform will only allow investors to buy and sell using USD only, other payment options will be added later depending on their demand.
Security on Binance.US
Binance.US CEO also pointed out that the platform prioritizes user safety, and there are measures in place to ensure that investors are protected from hacking and theft. However, it is not yet clear whether Binance.US will use the same Customer protection scheme used by Binance. Binance has a Secure Asset Fund for Users which repays customers their losses incurred on the platform.
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