Unfortunately, U.S.-based traders are being phased off Binance’s flagship platform, Binance.com. This move to kick one of the largest demographics off the crypto platform seems to be in response to regulatory concerns in the U.S.
You see, over recent months, some of the nation’s most powerful politicians have hinted that they aren’t all too excited with Bitcoin, Libra, and their ilk. President Donald Trump, for instance, asserted that 1) cryptocurrencies are backed by “thin air” and are extremely volatile; and 2) accused these digital assets of often facilitating illicit activity, like the laundering of money and the funding of drug operations. Treasury Secretary Steven Mnuchin followed suit, telling media in a presser and CNBC in a number of interviews that compared to cash, Bitcoin is the one that should be stopped. Mnuchin promised that this budding industry is likely to soon see harsher regulation.
Other crypto firms with operations in the U.S. have responded by delisting tokens that could be deemed of regulatory risk, geoblocked certain products, and so on and so forth.
However, Binance plans to not leave its American clients stranded. The Malta-based cryptocurrency platform will be launching an American subsidiary, which will do its utmost best to comply with the pertinent regulations. In fact, the exchange has purportedly secured approval from FinCEN, cementing the project’s legitimacy as a proper trading platform.
When this venture was first announced, many in the crypto trading community were skeptical. You see, complying by regulations implies that Binance US would avoid altcoins like the plague, as the U.S. Securities and Exchange Commission (SEC) has yet to rule on which cryptocurrencies are under its jurisdiction and which aren’t, leaving exchanges to interpret what’s kosher.
However, Binance US recently shocked the crypto trading community, unveiling a quite generous swatch of digital assets that it is considering the addition of in a recent blog post. The list includes the normal suspects, including Bitcoin and Ethereum, but also an array of smaller altcoins that may not ring a bell. The 30 cryptocurrencies that the Binance subsidiary is currently considering are as follows (in alphabetical order):
ADA, ATOM, BAT, BCHABC, BNB, BTC, DASH, EOS, ETC, ETH, HOT, IOTA, LINK, LOOM, LTC, MANA, NANO, NEO, PAX, REP, RVN, TUSD, USDC, USDT, VET, WAVES, XLM, XRP, ZIL, and ZRX.
This lineup, if implemented in full, will give Binance the capability to begin to encroach on the market share held by some of the current market leaders, which includes Coinbase and Bittrex. Crypto outlet The Block altered Binance’s graphic below to show how Binance may already be able to beat out Coinbase in terms of tokens offered.
This move comes after Binance.com has made a number of strong moves, especially in terms of how it may affect the utility value of BNB.
Title Image Courtesy of Marco Verch Via Flickr