Binance, one of the largest crypto exchange firms in the world, has finally launched its U.S. division for regular deposits and all round trading. However, Binance will not be operating in about 13 states in the country and the firm has not given much detail about why this was done.
The service is already live in the U.S. and is also restricted to about 7 digital currencies including Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), Tether’s USDT as well as Binance Coin (BNB). Binance US plans to update this list in the near future, with more supported cryptocurrencies.
According to an official post, the excluded states include Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont and Washington. However, Binance US CEO Catherine Coley, suggests that plans are underway to spread these offerings across the whole country.
“Although it is upsetting that we cannot offer Binance.US in the states where I grew up and earned my education at this time, please rest assured that this is just the beginning, and it is our mission to bring access to those of you in these states many of us call home.”
The post further states that Binance U.S. plans to “reduce barriers to digital asset adoption” with affordable trading fees. Personal accounts will be charged a flat fee of 0.10% for each transaction. Corporate accounts will however have an “adjusted fee schedule given their trading volume.” However, Binance only plans to begin these charges on November 1 and has stated clearly that trades before then will be absolutely free.
Last month, Binance launched its lending service, promising up to 15% in interest.