Cryptocurrency trading exchanges looking to enter the US market always face one hurdle regulations, and with Binance being one of them, different laws have been its main problem. However, despite enabling its US customers to access its platform, Binance still faced hurdles with regulations, but now all that is over.
Through partnering with BAM Trading Services, a San Francisco based firm Binance is officially launching its US unit. BAM is a fully registered entity which has a license from U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), and it’s through that license that Binance will launch its US-based unit. Although details of the partnership are scanty, as per now Binance is making its move for the US market.
According to the details of the partnership, BAM Trading Services will handle day to day operation of Binance US unit, while Changpeng Zhao led firm takes care of wallet and technology. Besides the above, BAM Trading Services will bank on Binance exemplary performance to propel Binance US to be the number US crypto exchange. On the other hand, Zhao is bagging on BAM to help bring his firm’s liquidity, speed, and security to not only the US market but propel it further to the North American market.
Although Binance has been present in the US market, recent moves by regulators to clamp down on the growing sector has posed risks to the exchange and traders altogether. However, the partnership seeks to put all regulatory troubles aside, but Binance extensive listing of altcoins might still lead to problems. Per current regulations in the US, some of the tokens available on Binance exchange might be securities. However, from the look of things, Binance will take handle matters one by one, for now, it’s all about getting Binance US off the ground. Although the partnership has set balls rolling, there is no roadmap available depicting the readiness of Binance US exchange and its official launch date.
While little is known about BAM Trading Services, the listing of c/o Koi on BAM mailing address on its FinCEN registration form points to BAM working alongside Koi Compliance which runs Koi Trading where Binance Labs injected $3 million back in January.