Binance.US, the American subsidiary of crypto juggernaut Binance, has officially kicked off trading with seven cryptocurrencies and 13 trading pairs.
It remains to be seen whether the newly launched platform will be able to compete with Coinbase, Gemini and other fiat-to-crypto exchanges that rule the roost on the US market.
More states and more coins
Back in June, Binance announced that it would ban its US users from trading on the exchange due to regulatory concerns, which prompted the creation of a local exchange.
As reported by U.Today, Binance’s stateside offspring will not support 13 states, including New York and Washington. The exchange’s CEO Catherine Coley claimed that they would continue working to iron out these issues in the future.
Yesterday, Binance also announced the addition of seven new cryptocurrencies with Cardano and 0x being among them. So far, Binance.US users are only able to trade the initial batch of top coins.
Binance’s global expansion
Prior to that, Binance launched regional fiat-to-crypto exchanges in Singapore, Uganda and on the island of Jersey. Binance CEO Changpeng Zhao stated that they would open a new platform on every single continent in 2019.
However, venturing into the saturated American market might not be an easy feat. Binance has become a force to be reckoned with, but it might a hard time competing with San Francisco-based crypto behemoth Coinbase considering that the two offer partially the same coins.