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The Binance Coin has seen an explosive price action this month, leading it past the $300 mark. Currently trading at slightly over $200, the coin can account for its boom due to its parent company’s continued advances. Looking behind its success story is the crypto exchange Binance, founded in 2017 by Changpeng Zhao.
The exchange ecosystem operates as a centralized exchange to solve low market liquidity, platform insecurity, and many more. The exchange managed to make massive strides ever since it was launched, hosting a user-base with millions of traders.
However, Binance faced obstacles on its way, especially when a report allegedly accused the exchange of rendering unregistered services contrary to the U.S laws and guidelines.
Due to this reason, Binance ceased its operations in the U.S to move traders to a newer ecosystem. Binance.US came into play at this point around late 2019, acting as the new exchange where users could transfer their assets.
A 90-day ultimatum followed one year later after its launch. Users with an IP address pinning to the U.S were urged to withdraw their funds and deposit them in Binance.US or any other American ecosystem.
The Birth of Binance.US
Today, Binance.US is fully operational as a branch of Binance partnering with BAM Trading Services to provide advancements such as wallets and matching engine capabilities. Led by Catherine Coley, a former Ripple executive, Binance.US headquarters is physically located in San Francisco.
The exchange platform needed to bring a secure marketplace for digital assets to win over American crypto traders successfully. The exchange does not cover all states as its services are yet to reach places like Texas, Georgia, Alabama, Hawaii, Alaska, Washington, Vermont, and North Carolina.
Account Verification Categories
Registering an account on Binance.US will require a user to go through KYC procedures taking place through the following verification steps:
Under this level, users fill in personal details such as their names, gender, addresses, and birth date. The withdrawal limit on this process is crypto worth $5,000, and it further allows deposits and trading of crypto to crypto pairs.
Once successful, traders have to go through the second procedure, which gives way for fiat(USD) trades.
Advanced verification is the second step towards the Binance.US account verification process. This step requires the basic verification details together with other requirements, including utility bills and bank statements for the past three months and a user’s valid ID card, passport, or driver’s license. A user’s picture is also necessary at this point.
Fiat verification is the last step in the account recognition process. It functions as a combination of the information recorded on the basic and advanced verification procedures.
After filling out a questionnaire, users will receive a verification confirmation through their emails. On top of that, the withdrawal limit is $1,000 for Automated Clearing House and up to $1,000,000 through the wire.
Corporate accounts are majorly opened by businesses and are not meant for personal use. Businesses and other entities can open a corporate account in Binance.US and undergo the verification procedures requiring details like identification information.
Digital Assets Available
The exchange hosts an array of cryptocurrencies, namely ETH, XRP, BTC, BCH, USDT, LTC, and BNB.
Binance.US hopes to add other digital assets in the future as long as it qualifies to fulfill some guidelines put across in the Digital Asset Risk Assessment Framework. The criteria of selecting a proposed crypto project will be based on the following factors:
- If the asset’s team introduces a platform that will solve real issues by employing effective strategies.
- Whether the potential asset will affect the exchange’s compliance ability.
- Technological aspects explain the platform’s security level in terms of transacting and how possible it is to construct.
- The asset’s demand and supply in the market will meet a specific quantitative requirement set by Binance.US.
- The project’s ability to reach a consensus to propel the asset forward and its interaction level with the community.
Trading fees at Binance.US stand at 0.1% fee on spot trading and a 0.5% charge on instant buy/sell trades. BNB holders receive a trading fee discount of 25% when they use BNB as a payment tool.
The BNB charges will be automatically derived from a user’s BNB holdings. Besides, trading fees continue to adjust depending on a user’s 30-day trading volume. Examination of trading volumes and the user’s BNB holdings occur at 0:00 AM(EST).
Later on, a trader will receive updated information on their maker/taker fees an hour later. In a day, completely basic and advanced account verifications withdraw a digital currency limit of $5,000 and $1,000,000, respectively.
Staking involves the process of holding cryptocurrencies on a digital wallet to participate in the day-to-day functions of blockchains. The same concept applies to the Binance.US staking venture since users only need to deposit some amount in their Binance.US wallets and secure substantial earnings in return.
Staking rewards are not guaranteed on the platform; nevertheless, users can make the most out of their investments as the exchange supplies the rewards it garners to the traders. Rewards can be viewed on the staking page by merely clicking the “my rewards” option.
The staking coins supported on the ecosystem include ATOM, ALGO, EOS, ONE, XTZ, and VET. Furthermore, each currency has its criteria for calculating the staking rewards, which are distributed monthly. Reward distribution ends within the first or third week of every month.
Binance.US cares for the security of a user’s account, which is why the platform came up with these safety tips:
- Users should avoid sending their digital assets to anyone over social media platforms such as Facebook or Twitter.
- Traders need to copy/paste an address they intend to use to transfer their digital wallets to a recipient.
- Traders should enable the 2FA security protocol, which provides an additional security layer besides a regular password.
- Account passwords should always remain secret and known only by the Binance.US account holder.
- A password should not contain common phrases like birthdays or even a spouse’s name as such information is accessible on the internet and your social sites. Using these kinds of passwords can lead to malicious parties illegally accessing your account and stealing your hard-earned funds.
- Users are advised to leverage wallet providers such as Trust Wallet to store all their digital assets safely.
- Traders can put up an anti-phishing code that helps flag down fake Binance.US emails and sites. Mails will carry this code which signifies it is a legitimate message from Binance.US.
It would be an understatement to say that US-based crypto customers have goodies to reap from the Binance.US exchange. To begin with, users have a chance to earn from their holdings through the staking venture. Verification procedures are in place to ensure a fully compliant exchange network abiding by the KYC requirements.
Moreover, new projects can list their crypto assets as long as they portray their plans to ensure their asset progresses further. Trading charges are relatively low, particularly for BNB holders who receive a discount for using Binance’s native coin for fee payments.
Best of all, the security tips by Binance.US guarantee the novice and expert trader both have a profitable trading and exchange experience without a worry about their funds’ safety.