It has just been announced that BAM Trading Services, the future operator of Binance.US, will be led by a former Ripple executive. Catherine Coley, former Head of XRP Institutional Liquidity, will take the position of CEO.
Last month, Binance announced it would geoblocking Americans from accessing its exchange by September. Although this will be a tumultuous time, the exchange will be opening up a new division in the United States called Binance.US before the ban. Operated by BAM Trading Services, a former Ripple executive has been named as head of this expansion.
Catherine Coley will serve as the CEO of BAM Trading Services, responsible for maintaining Binance.US. A seasoned veteran in the fintech world, Coley was previously the Head of XRP Institutional Liquidity. Joining Ripple in 2017, she has overseen market development and trading infrastructure. She will now be responsible for BAM’s operations in North America.
Not much is known about BAM other than it will be the future operator of Binance.US. All technology used on the American exchange will be licensed by Binance and overseen by BAM. With it, the exchange hopes to maintain its American trading base. Currently, Americans make up over a third of its traffic.
Although Binance will be unavailable to Americans, they can still use its decentralized exchange through the Trust wallet. However, Americans will still be geoblocked from the actual dex platform.
By onboarding Coley, Binance seeks to bring legitimacy to its American operations. Previously in legal limbo in the United States, this is its first legitimate push to establish a base of operations in the country. Yet, Binance.US is expected to list only a fraction of the cryptocurrencies currently available on its exchange. It remains to be seen whether the leading exchange can maintain its dominance among American cryptocurrency traders in the coming months.
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