Binance is finally looking set to put its feet in the crypto market of United States. After hard work of more than 3 months the company is now prepared enough to make a debut in this huge cryptocurrency market within a month or two. This was revealed by none other than company’s CEO Changpenz Zhao (CZ) himself in a recent interview.
Binance is in the midst of an aggressive expansion plan that aims to cover every major cryptocurrency market. As part of these plans, it was obvious that they decided to set up an office in the US to provide their services. Having a physical presence is necessary to provide fiat-to-crypto trading services in the United States, as per the requirements of Fin Crimes Enforcement Network (FinCEN). There are some other requirements too, and Binance has been working to fulfill them as well. When CZ was asked yesterday by online news outlet Cheddar about what’s going on with all those things, and when do they plan to launch Binance in the US, here’s what he told:
“I don’t want to promise any fixed dates, but there’s a lot of work being done and there’s a lot of things going on in flux, but I would say in a month or two.”
The first time when we heard about the American plans of Binance was back in June when they had launched the service in partnership with local trading service provider BAM. However, they had to halt their services soon as regulators had reservations regarding their operations in the country. Here’s what CZ told about the BAM partnership in yesterday’s interview:
“The partnership with BAM Trading Services will help us navigate the US regulatory environment. Now we have our partner, we want to take this opportunity and explore the market.”
When asked about the regulatory ambiguity of US, he said:
“I think the US is one of the most developed markets because I think it has good regulations in the traditional finance space. Crypto is a new thing, and for new things, the US is a big country and with a lot of regulatory bodies and a very large market […] in a large market it is harder to regulate.”
Concluding his remarks, he said that he believes the US will come up with positive regulatory framework for crypto. He cited the regulations of country’s traditional financial service providers as an example, and said that he believes the things will improve in future.