Binance announced that it would launch the US version of its exchange on September 18, 2019. The exchange announced that the US division of its exchange would launch with six coins. However, one important coin that is missing from the list is the BNB Coin.
The BNB Coin is Not Listed
On the new exchange, only XRP, ETH, BTC, BCH, Tether, and LTC would be listed. One reason why the BN coin might be listed is due to regulatory issues. Regulators in the US and those in the crypto community have always been critical of the coin. Thus, regulatory pressure is the most likely culprit for this omission.
According to the announcement, those based in the US would be allowed to register and chose the verification level starting on September 18. There would be strict KYC rules implemented on the platform and all users would have to adhere to them. This is especially so when users transfer funds or crypto out of the exchange. In essence, this would make Binance US a digital bank that complies with the strict federal regulations in the US. Users would need to upload a valid government-issued ID and even a social security number in order to withdraw funds.
More Coins Will Be Added Later
Binance announced a month ago that it would list about 24 more coins on the exchange, to bring the total to 30 coins. However, they did not indicate the exact period for this listing. It is more than likely that the exchange will seek regulatory approval for each coin they list individually. Even in this next phase, the BNB has not been included.
BNB Prices Could Plummet
In 2019, the BNB coin has been doing quite well. It has been doing better than most of the market, including doing better than BTC. Since January, the BNB had at some point, seen a five-fold increase in value to reach a peak price of almost $40.
However, it has seen lost about half of that value and it is currently trading at around $20. However, not everyone in the crypto community is convinced this is a bad thing. Some believe that this might the right time to buy, with some predicting prices of as high as $100. You can see a chart below that displays the sharp downward pressure Binance coin has witnessed the last 3 months.
However, not everyone is convinced BNB will rise again. They believe that when the US version of the exchange is launched, it could trigger a massive dump of the BNB. This is because US holders of BNB will not be able to trade the coins on the new exchange.
Besides that, most of the altcoins listed on the main Binance site are not listed in any other exchange due to regulatory issues. This could trigger an altcoin sell-off, which could affect BNB due to the lack of trading pairs for the coin.
Summary
Binance US will have a very limited offering and it might be as popular as the Binance exchange. This is directly the result of US regulatory pressure where lawmakers have been slow to come up with a regulatory framework.
Photo Credit To Crypto News Daily Via Flickr
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