(BlockBar) The world’s largest cryptocurrency exchange, by volume, Binance is launching a US division. Binance is a Malta-based company and all ready to be setting up Binance US in partnership with a firm called BAM Trading Services. To be noted, the platform will be operated by BAM by using Binance’s wallet and matching engine technologies, though the exchange did not provide a firm timeline for the launch.
Although the US residents have already been able to access the Binance trading platform, this move would represent Binance’s first formal entry into the U.S. market. Binance processed approximately $250 million in bitcoin spot transactions over the past 24 hours, according to Bitwise Asset Management. To be noted, CoinMarketCap reports $1.7 billion in crypto transactions at the exchange overall.
Binance CEO Changpeng Zhao said in a statement, “We are excited to finally launch Binance US and bring the security, speed, and liquidity of Binance.com to North America.” According to him, “Binance US will be led by our local partner BAM and will serve the US market in full regulatory compliance.”
The company BAM Trading Services did register as a money services business with the US Treasury’s Financial Crimes Enforcement Network (FinCEN), with an address listed in San Francisco, California, although it is unclear who ‘BAM Trading Services’ is. It is worth paying attention to that the registration document notes, “FinCEN does not verify the information submitted by the MSB,” and the document “reflects only what was provided directly” to the regulator.
The company has only registered to conduct business in California, under the terms of the MSB registration. BAM Trading appears to be working with Koi Compliance since BAM’s mailing address on the FinCEN registration is c/o Koi. It is to be noted that Binance Labs invested $3 million in Koi Trading in January.
In a press release, an unidentified and unnamed official from BAM Trading Services was quoted, “It 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.”
