Binance to team with a FinCEN approved partner to open US exchange

14 Jun, 2019
by David Borman
Binance to team with a FinCEN approved partner to open US exchange

It has been reported by Cointelegraph that Binance has announced that it will be opening a branch in the United States, while partnering with a Financial Crimes Enforcement Network (FinCEN) approved company in order to bring security and presumably stay ahead of regulators.

The new exchange, aptly named "Binance US," will use Binance's wallet and engine, but will be run by BAM Trading Services, the aforementioned FinCEN approved company. It is likely Binance wants to stay ahead of any developing regulation within the US, and is therefore planning on enforcing the types of strict security policies that one would expect in the current environment of crypto.

The article quotes Binance CEO Changpeng Zhao:

"We are excited to finally launch Binance US and bring the security, speed, and liquidity of to North America. Binance US will be led by our local partner BAM and will serve the U.S. market in full regulatory compliance."

An unnamed source from BAM Trading Services is also quoted:

" is an honor to partner with Binance, leveraging its tier-one security and technology in tandem. We are committed to providing a secure and compliant platform, and beginning the start of a fruitful alliance with Binance."

This certainly should come as a welcome development for US based customers. It is unclear at this time exactly what types of AML measures the new exchange will implement, but it is plausible they will be in line with ones already being employed on the current Binance site.

When will this new branch open? Stick with Chepicap for all updates!

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