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Popular crypto exchange Binance.US to launch in the US except these 13 states
Cryptocurrency exchange Binance had already unveiled their plans regarding their U.S.-based Binance.US launch. The site has been launched as of today i.e. September 18, 2019, in most parts of United States except 13 states.
These 13 states are yet to access Binance.US
Binance.US has enumerated the details of their launch in a launch post stating that it won’t be available in the following 13 states:
- Alabama
- Alaska
- Connecticut
- Florida
- Georgia
- Hawaii
- Idaho
- Louisiana
- New York
- North Carolina
- Texas
- Vermont
- Washington
However, all hope is not lost, since they have assured to work towards bringing their operations in these states soon.
KYC process started even before the launch
Even before the launch, they have started on with their KYC onboarding which was supposed to take place a few days earlier. They have started early to make sure that their users have enough time to go through the verification steps of their accounts and gain accessibility for depositing their funds.
The onboarding process will require their users to provide credible government-accredited IDs i.e. passport, driver’s license along with their social security number. The post about the onboarding process also highlighted that they were yet to finalize the list of places Binance.US will be available. In September, many users and crypto enthusiasts from U.S lost trading options for a number of crypto assets since Binance was unavailable.
But now for the U.S. states other than the 13 mentioned above, the users can use Binance.US as long as they have a credible government ID along with their SSN or social security number.
Trading Fees and other details:
The post also had provided details regarding the trading fees associated with Binance.US. For any personal account, they will offer a flat 0.10% trading fee per trade. So, if someone is buying $100 worth of BTC, their trading fee incurred will be $0.10. On the other hand, the corporate accounts will be incurred with an adjusted fee schedule depending on the volume traded.
On their introductory offer, Binance.US will not be charging any kinds of trading fee up until November 1, 2019. To clarify further, it is to be noted that Binance.US is separate from the Binance.com while the former is under the operations handled by BAM trading services. The user digital assets will all be stored in wallets issued by Binance.US.
For starters, the U.S customer can buy the coins listed with US dollar via wire transfer or ACH methods. Binance.US has said to explore the other payment method options given the demand it receives from the users.
From September 18, 2019, at 8 am ET, they will start accepting all kinds of inbound transfer of cryptocurrencies such as ETH, XRP, BCG, LTC, BTC, USD, and USDT post account verification.
The trading on respective order books will start to commence once there is a sufficient and established supply of coins on their platform.
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