Binance will start taking registrations for its U.S. trading service, starting tomorrow. The exchange will accept deposits of Bitcoin, Ethereum’s Ether, Ripple’s XRP, Bitcoin Cash’s BCH, and Tether’s USDT on its platform tomorrow morning. Trading will begin once there is sufficient liquidity to create a market for crypto pairs.
In accordance with AML and KYC regulations, the exchange will require identification in the form of a valid government ID and Social Security Number (SSN) from new users on its platform. Users will be able to conduct transactions on the platform through ACH and wire transfers. The exchange stated that it was exploring payment options.
As launch promotion, the exchange is waiving trading fees for new customers until November 1. Users in thirteen states, including New York and Texas, will not be able to access the site.
“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,” Catherine Cooley, CEO of Binance US, stated in a Medium post.
Binance is the world’s biggest cryptocurrency exchange. It is expected to provide stiff competition to Coinbase, which is North America’s biggest cryptocurrency exchange, on its home turf. In recent times, both exchanges have rapidly expanded their operational geography and business lines to attract more users to their platforms.