When it comes to trading in cryptocurrencies, it is always far more effective if one can trade on a large exchange. Large exchanges offer a lot of options with regards to the range of cryptocurrencies, liquidity, and other services. Over the course of the crypto boom that started a few years ago, some exchanges have become the leaders of the industry and Binance is certainly one of those. It went on to become one of the biggest crypto exchanges and was also the preferred choice of many traders in the United States.
However, back in June, the company announced that it was working on establishing a new division named Financial Crimes Enforcement Network, and hence, it was going to temporarily stop its services in the United States.
Regulations in the United States have always been a major issue for crypto exchanges, and Binance has also struck a partnership with BAM Trading Services so that it is compliant with regulations in the country. Considering the fact that it now has a US-based partner, Binance will be able to have a bigger presence in the market.
In an interview with Cheddar, the Chief Executive Officer of Binance, Changpeng Zhao, stated that the crypto to fiat services that had been stopped in the United States could be resumed within the next two months. It is a significant development for all crypto enthusiasts in the country who have not been able to trade in the platform all this while.
Additionally, Zhao also stated that since a new partner is now available, Binance will be exploring ways to increase its presence in the American crypto market once it reopens. However, the resumption of services can never be predicted accurately, and hence Zhao refused to divulge the exact date on which the operations will resume. He said, “I don’t want to promise any fixed dates, but there’s a lot of work being done and there’s a lot of things going on in flux, but I would say in a month or two.”
Featured image: DepositPhotos © kongvector