Binance CEO Changpeng Zhao announced the official launch on Twitter today. For the time being, however, the platform is only accessible to customers by invitation. He goes on to say that he will introduce new features, such as real-time updates. This would mean that the platform would no longer have maintenance times, but trading 365 days 24 hours a day. These and some other innovations are implemented step by step.
– @Binance Futures officially launched, invitation-only for now
– Lending batch 3
– Top menu optimization
– API: real-time tick-by-tick updates for all symbols (an industry first?)
and maybe more. #onwards
— CZ Binance (@cz_binance) September 9, 2019
The launch represents a milestone for Binance, while many traders and investors in the US are braced for Binance to be shut down for customers in the US on September 12, 2019. This process is necessary as the company is preparing the introduction of Binance.US. This new platform is intended to be fully in line with local laws and is primarily aimed at American customers.
The stock exchange is expected to bring many new requirements. This means that it is no longer easy to register an account without having to provide further personal data. In addition, it will be necessary to prove social security and many other data necessary in the KYC process. The platform, operated by BAM Trading Service, a newly formed company led by CEO Catherine Coley, requires customers to have a Social Security number as well as a valid passport or driver’s license. Many customers have just found the described advantage significant so that skepticism is gradually increasing among crypto traders from the USA:
Binance USA wants ss# I will never ever trade on Binance USA. Things getting real weird
— DangDrifter (@BarcombRuss) September 9, 2019
Binance started in China at the beginning of 2017, but conditions on the ground became increasingly difficult, so Binance felt entwined to move to a neighboring state and manage all business from there. For European customers, Binance set up another location in the blockchain paradise of Malta to comply with local laws. Malta is home to several other major exchanges such as Bittrex and Huobi. Binance launched another stablecoin of its own, which is supposed to compete with Tether in the long term. Tether and Bitfinex have been discussed many times in the past, as there have been some inconsistencies with the printing of new tether units and the course of the Bitcoin price.