Binance the largest crypto exchange based on trading volume revealed on Wednesday that it had appointed Catherine Coley to take charge of BAM Trading Services.
BAM Tading Services is the body in charge of the operations of Binance.us a dedicated crypto platform for US users.
The exchange had announced the launch of a US platform two weeks ago
Recollect that two weeks ago Binance had announced that it would exclude US users from accessing its global trading platform Binance.com.
The announcement had revealed that a new platform Binance.us would be launched to cater to US customers due to regulatory concerns.
Coley is the major appointment announced by Binance and comes with a wealth of experience in the financial industry. She was previously employed by Ripple the centralized crypto platform that specialized on international remmitances.
During her time at Ripple, she oversaw XRP institutional Liquidity section and was a key figure with the firm. It is understood that she would be in charge of BAM’s portfolio in North America.
With this position, Coley would be the one overseeing the new Binance.us platform. Binance .us is expected to face some difficulties initially which has prompted the exchange to hire Coley.
Tasked With Overseeing Transition
The new platform would only be able to list a fraction of the cryptocurrencies available on Binance.com. This could mean Binance losing its major share in the American market.
Binance is preferred to other exchanges in the US due to the number of cryptocurrencies offered for trading on the platform. In addition more than a third of the crypto users on Binance are based in the US.
With this new development, it remains to be seen if the popular exchange can still maintain its dominance in the US market.
Coley appointment brings a level of assurance about the new exchange operations due to her stellar track record. It would be interesting to see how Binance.us goes about with its operations in the coming weeks.