Binance, the world's largest cryptocurrency exchange by volume, is launching a U.S. division.
The Malta-based company said Thursday it is setting up Binance US, a new trading platform specifically targeting U.S. customers, in partnership with a firm called BAM Trading Services. The platform will be operated by BAM, while using Binance's wallet and matching engine technologies.
The exchange did not provide a firm timeline for the launch.
The move would represent the first formal entry into the U.S. market by Binance, although residents have already been able to access its trading platform.
In a statement, Binance CEO Changpeng Zhao said "we are excited to finally launch Binance US and bring the security, speed, and liquidity of Binance.com to North America," adding:
It is unclear who BAM Trading Services is. The company did register as a money services business with the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN), with an address listed in San Francisco, California.
However, the registration document notes that "FinCEN does not verify information submitted by the MSB," and the document "reflects only what was provided directly" to the regulator.
Under the terms of the MSB registration, the company has only registered to conduct business in California.
In a press release, an unidentified "representative from BAM Trading Services" was quoted as saying "it is an honor to partner with Binance ... leveraging its tier-one security and technology in tandem."
"We are committed to providing a secure and compliant platform, and beginning the start of a fruitful alliance with Binance," the unnamed representative said.
Binance logo via Shutterstock
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