Binance, the biggest digital currency exchange in the world in terms of trading volume, has announced a partnership with BAM Trading Services Inc. Both the companies have come together to launch a cryptocurrency exchange for the United States, referred to as Binance.US. The leading crypto exchange took to Twitter yesterday to update the crypto community about this new endeavor which was later followed by an official blog post.
#Binance Announces Partnership with @BAM_Trading to Launch US Exchange (@BinanceAmerica)https://t.co/F6uQE6aUsA
— Binance (@binance) June 14, 2019
Binance.US will be offering reliable and secured crypto trading services that will be specifically targeted to US customers. According to the reports, the platform will have BAM Trading Services as its operator and will utilize Binance’s matching engine as well as wallet technologies. However, there is no announcement regarding the exact date or day when the exchange. Will be launched for the users.
Changpeng Zhao, Binance CEO, issued a statement saying that they are thrilled to introduce this new exchange while bringing the speed, liquidity, and security of Binance.com to the region of North America. He further said that Binance.US would completely comply with all the regulatory requirements.
The announcement of the US exchange has already got the crypto enthusiasts excited. Crypto fans on the micro-blogging site indulged in discussions and welcomed the move. Pomp, Morgan Creek Digital’s Co-Founder and Partner, tweeted saying one should never bet against great entrepreneurs as they’ll always prove their detractors wrong.
🚨 Bang Bang 🚨@binance just announced they are setting up US exchange in partnership with a FinCen-registered firm.
Never bet against great entrepreneurs. They’ll always continue to prove the detractors wrong.
— Anthony Pompliano 🌪 (@APompliano) June 13, 2019
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On the other hand, a representative of BAM also came forward to share their opinions on the partnership. The representative’s statement read,
It is an honor to partner with Binance to launch the U.S. extension of Binance, leveraging its tier-one security and technology in tandem.
The representative also said that by partnering with Binance, their company is committed to offering a thoroughly compliant and secure platform to users.
Although users based in the US could access Binance’s platform until now, this partnership will mark the exchange’s official debut into the States’ crypto market.
As far as BAM Trading Services is concerned, there is very little information available about the company. The firm has been registered with the FinCEN (Financial Crimes Enforcement Network) of the United States Treasury as a business that’s involved in money services. The registration was recently obtained on 11th June 2019. The company’s registered address is noted to be in California’s San Francisco, as per the records.
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In addition to that, it was also noted that BAM is seemingly working closely with an entity called Koi Compliance. Koi Compliance is the total managed solutions division of Koi Trading, an OTC digital currency trading firm. In fact, BAM’s mailing address as provided on the registration of FinCEN is in the care of Koi. For those who are unaware, Binance Labs had made an investment of 3 million dollars into Koi Trading back in January this year.
