According to a Medium post published by Binance.US on Sept. 6, while the launch of the trading platform itself is expected in the following weeks, KYC onboarding will start a few days earlier. The aim of this is to ensure that users will have time to verify their accounts and deposit their funds.
Major cryptocurrency exchange Binance’s United States-based branch Binance.US will launch in the coming weeks, preceded by Know Your Customer (KYC) registration a few days earlier.
To complete the onboarding process, users will be required to provide a valid government ID – driver’s license or a passport – and their social security number. According to the post, the list of states where Binance.US will be available is not yet finalized, but it will be released before the start of the onboarding process.
KYC requirements
As Cointelegraph reported previously, cryptocurrency enthusiasts living in the United States lost various trading options for many crypto assets since Binance became unavailable to them in September.
Crypto Exchange Binance Launches Eighth Phase of Its Lending Product
Cryptocurrency exchange Binance has announced the launch of the eighth phase of its lending product on Oct. 7.
In this phase, Binance will start offering 14-day fixed-term lending products. The subscribers will be accepted on a first-come, first-served basis. The subscription period begins on Oct. 10 and ends on Nov. 10, while interest will be paid immediately after the term matures.
An annualized percentage yield of 10%
The digital assets included in the program are Binance Coin (BNB), Bitcoin, Binance USD (BUSD), EOS, Ethereum Classic (ETC), Ether (ETH), Chainlink (LINK), Tether (USDT) and XRP.
The annualized percentage yield on loans starts at 3% for Bitcoin and reaches 10% for BNB, USDT and BUSD. The exchange’s CEO Changpeng Zhao praised the high yield of those loans in a tweet sent on Oct. 7:
“How much interest is your $USD making for ya in the bank? Convert them to $BUSD and let them start to make 10% APY for you.”
Original launch
Binance’s crypto lending product launched at the end of August, as Cointelegraph reported at the time. At first, the service only supported Binance Coin, Ethereum Classic and Tether. That being said, in September the products also included privacy-focused coins Monero (XMR), Zcash (ZEC) and Dash (DASH).
As Cointelegraph reported in August, the holding company of cryptocurrency-friendly Silvergate Bank, Silvergate Capital Corporation, announced that the firm plans to offer cryptocurrency-collateralized loans.
Crypto Exchange Coinbase Pro Is Adding Support For Orchid Trading
Major American cryptocurrency exchange Coinbase is adding support for Orchid (OXT) on its professional trading platform Coinbase Pro.
According to a blog post published by Coinbase on Dec. 12, Coinbase Pro will start accepting OXT deposits starting Friday, Dec. 13, “for at least 12 hours prior to enabling full trading.” The company also noted:
“Once sufficient supply of OXT is established on the platform, trading on the OXT/USD order book will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met.”
As the company has done in the past, Coinbase Pro will ramp up to full OXT trading in four steps: transfer-only, post-only, limit-only and finally full trading.
Coinbase also notes that OXT is not yet available on Coinbase.com, or via its mobile apps, but pointed out that it will make a separate announcement if and when this functionality is added.
Support for OXT not available everywhere
The crypto exchange also added that not everyone will be able to enjoy the new features. According to the announcement, OXT will be immediately available in Coinbase’s supported jurisdictions, with the exception of New York State and the United Kingdom. Additional regions “may be added at a later date.”
Orchid offers a decentralized virtual private network (VPN) service for anonymous communication and virtual private networking. It includes a bandwidth market where node providers stake tokens to advertise their services using the Ethereum blockchain and receive payment in Orchid’s native cryptocurrency OXT.
As Cointelegraph previously reported Coinbase Pro also added support for Tezos (XTZ) in July, and DASH in September.
Coinbase Pro released iOS mobile app
In October, Coinbase introduced a mobile app for Coinbase pro customers. The iOS mobile app provides access to more than 50 trading pairs for users in over 100 countries, and duplicates the platform’s features including real-time candles, depth charts, order books and types. Users of the app reportedly pay the same fees for orders as those executed on the desktop platform.
