Binance US Kickstarts Trading with Over $1 Million in Volume

By September 26, 2019 No Comments

This article was originally published here.

  • On Tuesday, the leading cryptocurrency exchange Binance’s US platform opened trading for fiat-to-crypto and crypto-to-crypto.

In the first 24 hours, the exchange recorded the volume of over $1 million, reported Coingecko, a digital asset data provider.

The platform went live with 29 trading pairs for 12 cryptocurrencies viz. Bitcoin, XRP, Binance Coin, Cardano, Ethereum, Litecoin, Tether, Stellar, Bitcoin Cash, Ethereum Classic, 0x, and Basic Attention Token.

In the coming weeks, the exchange will add more cryptocurrencies that meet US regulations and compliance standards based on its Digital Asset Risk Assessment Framework.

In the first 24 hours, the volume registered by Binance US was about $1.17 million. Out of which, Bitcoin alone, BTC/USDT and BTC/USDT combined, accounted for about 48.5% of the trading volume.

However, Binance US’s launch on Sept. 24 wasn’t without any hitch. Several users experienced difficulties in withdrawing funds, stop limits, and with support tickets, while using the US site of Binance.

In June, the Malta-based exchange first announced that US users would be barred from using the platform. The same month, Binance said it would partner with California-based BAM Trading Services, a registered money service business, to set up its US platform, Binance.US.

The US entity is now opened to trading for US customers but doesn’t support 13 states including New York, Florida, and Texas.

This move has been part of Binance’s plan for a larger expansion. The exchange launched fiat-to-crypto exchange on the island of Jersey — that caters to Europe and the UK, in January.

Meanwhile, Binance Coin (BNB), the native currency of the platform has lost almost 40 percent of its value in the past one month.

Currently, it is trading at $16.11, as per Coincodex.