Binance, the largest cryptocurrency exchange in the world by volume, has confirmed that it is evaluating 30 cryptocurrencies and tokens to list on its US subsidiary at launch. The company also stated that all listings will comply with existing financial laws and regulations governing the country’s cryptocurrency sector.
Driven by a New Risk Management Framework
As evident in Bittrex’s eventual fallout with the state of New York earlier this year, the US continues to be a tough market for cryptocurrency exchanges. Especially considering the various legal complications caused by regulatory uncertainties.
Binance understands these complications and plans on navigating them by deploying the Digital Asset Risk Assessment Framework.
Trade cryptocurrencies at the world’s largest exchange by volume, Binance.
According to the company, the framework is designed to ensure that the services offered by Binance’s US subsidiary are fully in line with the compliance requirements in the country. It thoroughly audits five key aspects of each project including whether it affects Binance’s commitment to compliance requirements with certain US regulations, whether the underlying supply and demand of an asset are reasonably fair, and whether an asset is backed by an adequate technological infrastructure to ensure secure transactions.
Among other benefits, the Framework will offer a reliable and transparent means to list only “bona fide blockchain projects with a real chance of making the world more efficient,” the company explained in a recent Medium post.
Trading Options Offered by Binance US
Readers may recall that BAM Trading Services, the company tasked with overseeing Binance’s US operations, hired Catherine Coley as its new chief executive earlier this July. Per the agreement between the two companies, Coley, former liquidity management expert at Ripple, will be spearheading Binance’s US campaign as it goes up against the likes of Coinbase, Gemini, and Bitstamp, amongst others.
Some of the major digital currencies and tokens currently being considered by Binance US include Bitcoin (BTC), Ethereum (ETH), EOS (EOS), Cardano (ADA), Tether (USDT), Cosmos (ATOM), Basic Attention Token (BAT), and VeChain (VET).
Here’s the full list of the tokens currently under consideration:
Do you think that Binance’s entry in the US market will pose any immediate challenge to the dominance of existing market participants such as Coinbase? Share your thoughts in the comments below.
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Images are courtesy of Shutterstock, Binance.