Due to US regulations, US customers are no longer allowed to use Binance’s regular exchange. That’s why the company is opening Binance US next week. Here initially only six coins are traded. Striking absence: Binance Coin (BNB).
Open next week
Binance announced yesterday that the American branch will open on Wednesday from next week. Customers can then create an account and deposit crypto. Six coins are mentioned in the announcement.
Prepare for Launch: https://t.co/AZwoBOy3iq User Registration Opens Next Wednesday!@BinanceAmerica will open account registration & start accepting deposits of BTC, ETH, XRP, BCH, LTC & USDT on Sept 18th, 2019, at 8am ET.
This kicks off our first phase! Https: //t.co/wfAREA0TYR
– Binance.US (@BinanceAmerica) September 11, 2019
Only Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin and Tether are available for trade. But why is BNB not in this list? Why is it not possible to trade on Binance US with their own coin? This might have to do with regulations, the SEC can give some tokens and coins the stamp security token. In that case the rules are much stricter.
Difference with America
You do not necessarily have to register on the regular Binance platform. If you do not want to participate in the KYC (know-your-customer) policy, then you are limited to a maximum recording of two bitcoin per day.
Americans don’t get that freedom. US customers must fully register to use Binance US. This means that a copy of the passport and social security number must be handed over. Or .. Americans must use a VPN.
Last month Binance wrote that another 24 cryptocurrency will be added to Binance US, but that may take a while. No timeframe has been mentioned. The choice of which coins are added also depends on the Digital Asset Risk Assessment Framework. In other words, American regulators decide which tokens can be traded.
BNB has peaked too early
Binance Coin has increased enormously in value this year. The growth was at some point even greater than that of bitcoin. From the beginning of the year, BNB’s share price rose by more than 500 percent! At one point, BNB was even worth nearly $ 40.
It seemed only hosanna because BNB would be used for Binance Dex and IEOs.
Not much is left of that good sentiment. The value has decreased by 50 percent. Not much is left of that now. The price is now around $ 20. That is acidic for BNB holders, but some people see this as a good time to get in.
$ BNB at $ 20 is a good long-term buy.
I think $ 100 is well in reach next time we see a large bull cycle….
Temporary fud means nothing and @binance will launch a US solution.
– TheCryptoCactus (@TheCryptoCactus) September 11, 2019
Yet most analysts are not so positive about BNB’s short-term price. If all Americans migrate from Binance to Binance US, what will happen to their Binance coins?
BNB update: RACK X 2 pic.twitter.com/dQAEUKrgNU
– “BenjaminJlunts” (@SmartContracter) September 12, 2019
Anyway, for the time being Americans can no longer trade many different coins on Binance US. The question is therefore whether American customers are waiting for Binance US or whether the crowd is moving to another stock market. Whatever they choose, none of those options will allow BNB (now) to play a role.
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