Chungpen Zhao, CEO of Binance, expects to start servicing crypto-fiat trading in the US market within two months. He said this in a conversation with Cheddar on August 15.
"I don't want to give specific dates, but a lot of work is being done and many things are changing. I would say [the launch will take place] in a month or two," he said.
In June, Binance said it would restrict U.S. clients' access to its main Binance.com platform on September 12 and open a specialized unit for them to operate in accordance with the requirements of the Financial Crimes Enforcement Network (FinCEN).
On Friday, Zhao confirmed that working with BAM Trading Services will help them get used to the U.S. regulatory environment: "We now have a partner. We want to take this opportunity to explore the market.
Commenting on the likely problems due to regulatory uncertainty in the U.S., Zhao said: "I think the U.S. market is one of the most developed and I think they have some of the best requirements for the traditional financial space. Cryptocurrencies are a new phenomenon, and the US is a large country with a large number of regulatory agencies and a very large market. Large markets are more difficult to regulate.
In conclusion, Zhao expressed hope for positive development of the situation with the regulation of cryptocurrencies in the United States. This is what makes him believe in the existing legal framework for the traditional finance sector.
"Historically, the U.S. has been developing a very clear regulation, so we hope to clarify the situation. The best awards await early participants in this space. There is regulatory uncertainty, but we want to try it," he added.
At the first stage, Binance.US will not serve traders from New York, as it has not yet received a license from the local regulator BitLicense. Nor does BAM Trading Services have such a license. Representatives of both companies refused to disclose information about their plans to apply for BitLicense.
Last week, Binance.US disclosed a list of assets it is considering listing.
Also today, Binance announced that its own application has again become available in the App Store for iOS devices. According to the release history, a new version of the application containing bug fixes and improvements was downloaded today from the App Store. However, margin trading in Binance is still not available.