Binance Says It's Launching a US Exchange With FinCEN-Registered Partner

Binance says it's plotting an expansion to the U.S. and working with a partner that's registered with FinCEN.

AccessTimeIconJun 13, 2019 at 6:46 p.m. UTC
Updated Aug 18, 2021 at 1:11 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Binance, the world's largest cryptocurrency exchange by volume, is launching a U.S. division.

The Malta-based company said Thursday it is setting up Binance US, a new trading platform specifically targeting U.S. customers, in partnership with a firm called BAM Trading Services. The platform will be operated by BAM, while using Binance's wallet and matching engine technologies.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • The exchange did not provide a firm timeline for the launch.

    The move would represent the first formal entry into the U.S. market by Binance, although residents have already been able to access its trading platform.

    According to Bitwise Asset Management, Binance processed some $250 million in bitcoin spot transactions over the past 24 hours, while CoinMarketCap reports $1.7 billion in crypto transactions at the exchange overall.

    In a statement, Binance CEO Changpeng Zhao said "we are excited to finally launch Binance US and bring the security, speed, and liquidity of Binance.com to North America," adding:

    "Binance US will be led by our local partner BAM and will serve the U.S. market in full regulatory compliance."

    Mystery partner

    It is unclear who BAM Trading Services is. The company did register as a money services business with the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN), with an address listed in San Francisco, California.

    However, the registration document notes that "FinCEN does not verify information submitted by the MSB," and the document "reflects only what was provided directly" to the regulator.

    Under the terms of the MSB registration, the company has only registered to conduct business in California.

    BAM Trading appears to be working with Koi Compliance, the "fully-managed solutions" wing of  over-the-counter (OTC) crypto trader Koi Trading, since BAM's mailing address on the FinCEN registration is c/o Koi. Binance Labs invested $3 million in Koi Trading on January 24.

    In a press release, an unidentified "representative from BAM Trading Services" was quoted as saying "it is an honor to partner with Binance ... leveraging its tier-one security and technology in tandem."

    "We are committed to providing a secure and compliant platform, and beginning the start of a fruitful alliance with Binance," the unnamed representative said.

    Binance logo via Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.