Will U.S. Traders Switch to Other Platforms or Remain Faithful?
Binance has long been a leader amongst cryptocurrency exchanges. Since its ICO in 2017, it became one of the top exchanges by adjusted volume. This is probably due to the many innovative features Binance has rolled out, such as SAFU, Binance DEX, & Binance Launchpad. Slowly but surely Binance gained fans from across the globe & in the United States as well.
U.S. Crypto Traders Temporarily Barred?
As we've previously reported, Binance announced that it will close its gates to U.S. traders on September 12th. Binance's CEO Changpeng "CZ" Zhao has announced the release of a U.S. dedicated version of Binance, aptly called Binance.US.
There will be a few restrictions on https://t.co/9rMMAmtCxH accompanying this. But some short term pains may be necessary for long term gains. And we always work hard to turn every short term pain into a long term gain. https://t.co/gl1M1cwPYB— CZ Binance (@cz_binance) June 14, 2019
Binance.US will likely have less trading pairs, trading options and functionalities, but will likely still offer a smooth trading experience.
It appears that a hiccup has appeared, however. As per a blog post released by Binance.US, it is still a few weeks from launch. Trading and even registration is unavailable on Binance.US at the moment, and registration will likely only be available on launch.
U.S. Binance fans will likely be left with no platform to trade on other than Binance DEX, which is available via Trust Wallet.
This could hypothetically hurt Binance's standing in the U.S. in comparison to other platforms. Some may choose to switch over to alternatives, such as Coinbase Pro as a result.
This is something that could hurt Binance Coin's standing in the short term. BNB is still #8 on Coinmarketcap and is trading at $22.32. It's is in tight competition with EOS over the coveted #7 rank. Time will tell if U.S. traders will suffice with Binance DEX or migrate to other platforms.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado