Binance US could go live before November, but won’t serve NY residents initially

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The U.S. entity of the world’s largest cryptocurrency exchange Binance, is expected to go live before November, but won’t serve New York residents initially.

The updates were revealed by Binance CEO Changpeng Zhao (“CZ”) in an interview with Cheddar published on Thursday. He said: "There are a lot of things in flux, but I would say [we'll launch] in a month or two.”

Since the operator of Binance US, BAM Trading Services, does not yet have a BitLicense (issued by the New York State Department of Financial Services), the exchange won’t serve to New York residents at launch, Zhao said.

Binance initially announced its plans to launch a fiat-to-crypto exchange in the U.S. last month, before breaking the news that its main platform, Binance.com, would stop being available in the country in September. Binance US also recently hired Catherine Coley, former head of XRP institutional liquidity at Ripple, as its CEO.

Earlier this month, the upcoming exchange also revealed a list of 30 tokens it is considering for listing, including its native coin BNB. 

So far, Binance has launched three international fiat-to-crypto exchanges - in Uganda, Jersey and Singapore - and on all the three platforms it supports only five cryptocurrencies - bitcoin (BTC), bitcoin cash (BCH), ether (ETH), litecoin (LTC) and BNB. Binance Uganda, on the other hand, also supports PAX stablecoin.

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May 5, 2022, 3:17PM UTC
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