CZ answers questions about Binance US in recent AMA session

18 Jun, 2019
by Fifi Arisandi
Exchange
CZ answers questions about Binance US in recent AMA session

On the recent AMA session, Binance CEO, Changpeng Zhao answered questions about the circulating rumors on Binance US. 

Binance’s CEO, Changpeng Zhao hosted an AMA session just now. Among the questions asked are related to the Binance US exchange, on which CZ clarifies certain things, including the circulating rumors.

1. Will Binance seize US users’ funds if you do KYC?

No, if you read the announcement, we already block registration and right now you can’t select US for KYC on Binance.com. But we also stated, after 90 days, people will not able to trade and they will not be able to deposit, but you can always withdraw. Binance will never seize anybody’s fund, so we will always let people take the funds away with them. The only situation, if there’s a seize of funds, it’s because of the law enforcement agents have requested us to do that. And in many of those situations, we’re not able to communicate, we’re not allowed to communicate with that particular user. Chances are, if your funds are frozen on Binance and there’s no response, that’s probably some law enforcements involved.

2. If we [Binance] restrict the US today, tomorrow there will be other countries

You can use your common sense to judge the situation. As I said, we always want to be compliant with most jurisdictions, so if you live in a country that has a very aggressive limitation then you’re at risk. But, if you live in a country that is relatively open and historically does not this kind of issues with these websites, then you’re most likely OK. Specifically, if you live in a country that attacks foreign businesses, then you are at risk. But most of the countries out there don’t have such risks, so I would say for the majority of the people, this is a rumor, you don’t have to worry about it too much.

3. Will Binance US be overseen by CZ? Will it get the same attention, or will it be fully managed by BAM?

Binance US is run by BAM trading services, so they have full control over it, it’s run by a separate entity. I do not have any legal titles or operational roles in there. I do have some influence, just by my opinion. I don’t run it on a day to day basis. Binance.com do provide the technology for the platform, so basically the platform would have the same technology and management services that Binance.com uses. So, you will have the same tech, same look and feel, same type of user experience, but it will not manage by myself, I do not have arole in there, and it’s not run by Binance.com as well.

4. When will Binance US launch?

We definitely hope you’ll be waiting for 3 months timeframe, we’re working very hard together with our partner. But the truth is, there are some uncertainties. We don’t control everything. But I think, 3 months is generally a reasonable amount of time to get an exchange up and running.

5. Will SAFU funds apply to America?

No, Binance.com and Binance US are separate entities, so Binance SAFU funds will not apply to the US. But, it’s totally possible for Binance US, after it’s set up and running, to set up its own SAFU funds, they’; probably call it SAMFU for America. It’s very possible to do that, but we’re not so sure. There are lots of details that are not clear to us yet at the moment.

6. The list of coins that will be available on Binance US

If you see any lists circulating out there, it’s FUD. The truth is, the list is not fully decided yet, so don’t overly rushed to come into conclusion over the random things you see on the internet. We will publish the official list as soon as it is confirmed, Binance US will publish the list as soon as it’s confirmed, but until then, just assume that any lists you see is FUD.

7. Will BNB be listed on Binance US?

Again, we don’t know yet. Of course, we work very hard to get BNB listed on Binance US. The positive side, if you look at Binance Uganda, Binance Jersey, Binance Singapore, all of which are fiat regulated exchanges, they all have BNB listed already. And a number of requirements already satisfied by BNB token. So, a number of anti-fraud, KYC and AML tools are working with BNB. So, we definitely do want BNB to get listed on Binance US, but again, until there’s no official announcement, we don’t know. So, just sit tight and wait a little bit and see what happens.

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