Binance.US will launch 13 fiat-to-crypto and crypto-to-crypto trading pairs, according to a blog post on Sept. 23.
Binance.US, the United States-based arm of major crypto exchange Binance, will start trading on Sept. 24, offering zero trading fees until Nov. 1.
13 trading pairs
The trading pairs include major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), Binance Coin (BNB) and the Tether (USDT) stablecoin.
The exchange will purportedly list a second batch of coins soon, following an evaluation period based on its Digital Asset Risk Assessment Framework.
Know Your Customer onboarding already set up
As previously reported, the launch is preceded by Know Your Customer onboarding in order to ensure that users will have time to verify their accounts and deposit funds.
The approaching launch of Binance.US comes the same day that Binance is expected to list another altcoin on its major platform. As announced, Binance will list Tezos (XTZ), the 18th top cryptocurrency by market capitalization, on its platform on Tuesday, enabling three new trading pairs with BTC, BNB and USDT.
On Sept. 19, Binance confirmed its plans to launch its over-the-counter (OTC) trading platform for Chinese yuan in October. China has been one of the most skeptical global jurisdictions towards cryptocurrencies since the government banned crypto trading in Sept. 2017. Since then, OTC trades have become the principal method to buy Bitcoin with fiat money in China.
Bakkt CEO: 3 Reasons Why Today’s Bitcoin Product Launch Is a Big Deal
Following the launch of Bakkt’s Bitcoin (BTC) futures, the company listed three reasons why the event is an important milestone for the industry.
In a statement on Sept. 23, Bakkt CEO Kelly Loeffler emphasized that the successful launch of Bakkt Bitcoin Futures contracts is the first time when United States-regulated physically-settled Bitcoin futures became available.
Loeffler pointed out that the sole fact that such a product now exists may matter more than the precise details of the initiative.
Loeffler: Regulated markets accelerate the adoption of digital assets
Stressing that the launch of the service is an important step to bringing trusted infrastructure to digital assets, Bakkt CEO outlined the mission of the company as “expanding access to the global economy by building trust in and unlocking the value of digital assets.”
Loeffler further listed three reasons why the product matters. These include:
- Reliable and regulated infrastructure;
- Adoption of new digital currency-powered technology and financial instruments;
- The rapid expansion of innovative methods for managing and transferring digital value.
“With operations, cybersecurity and controls, along with end-to-end-regulation demanded by investors and consumers, confidence in using digital currency – not just to invest, but to also use in transacting – will grow,” the CEO explained.
“These are the concepts upon which we are building Bakkt. We’re starting with the basics: instilling trust through regulation and secure custody, and deploying products that are transparent and regulated to support their adoption.”
As reported, Bakkt’s physically delivered Bitcoin futures trading went live for trading on the Intercontinental Exchange (ICE) on Sept. 22 at 8 PM EST (00:00 UTC Sept. 23). Following the launch, the volume is starting to pick up with some traders comparing the platform’s launch to Bitcoin futures launched by the Chicago Mercantile Exchange in December 2017.
At press time, 29 bitcoins has been traded on the ICE’s Bakkt Bitcoin futures platform, with a last recorded trading price accounting for $9,992.