The cryptocurrency exchange, Binance announced that the company’s service meant for United States customers, BinanceUS had appointed a new CEO, Brian Shroder. This followed the resignation of the former head of the company.
We’re excited to announce the appointment of Brian Shroder as CEO of https://t.co/AZwoBOy3iq. Brian will lead the company through our next stage of growth, as we continue to add new products and services for our customers.⁰⁰ https://t.co/HxSBFt1eF5 pic.twitter.com/Y5xCpjnSBt— Binance.US 🇺🇸 (@BinanceUS) October 8, 2021
BinanceUS has been under the scrutiny of the US authorities following allegations that the company may be involved in insider trading and may actually be a conduit for money laundering activities.
The Commodities Futures Trading Commission and the Justice Department of the United States are interested in the matter, even though they have mostly not made public any findings regarding the investigations.
BinanceUS was launched in September 2019 following an extensive know-your-customer exercise that would take place days before the official launch.
Binance restricted US citizens from its central operations due to regulatory concerns of the country’s authorities. Binance.US is meant to cater for the country having met the requirement and concerns raised by the regulators.
In a Medium post released on September 6, 2019, the company stated that Binance.US is a fast and efficient platform meant to bring the services of the exchange specifically to United States residents. For its anniversary, the company announced a giveaway to its followers on Twitter.
For our 2nd birthday, we’re giving away $2000 in #btc! Follow these steps and you could win:— Binance.US 🇺🇸 (@BinanceUS) September 26, 2021
1️⃣ Follow @BinanceUS
2️⃣ Retweet this post
3️⃣ Comment which features you’d like to see on https://t.co/AZwoBOgsqS with the hashtag #2BinanceUS
Terms apply. 👇https://t.co/JwicDRfkH0 pic.twitter.com/8TZrkmZklr
It highlighted that it is a compliant and safe digital marketplace that incorporates speed in a top-notch service. However, it seemed that the main essence of the release was to make US users prepare for on-boarding through the KYC requirements of the exchange.
Binance.US Available in Most States
The release stated that the service which would be available to users in most states of the US demands that the customers submit copies of their IDs such as driving license or passport and their social Security Number before they would gain access to the Binance.US services.
Even though the specific date of the launch was not announced, the platform stated that the KYC process would be commenced days before the official launch. The essence is to give ample time to the users to complete the process and make deposits.
The release signed by C. Coley the former Head of BinanceUS, announced that the services would be accessible via the desktop and mobile but the app would not be immediately available for download until much later. Prospective users were advised to direct any questions to the platform’s Twitter account @BinanceAmerica.
Howbeit, the recent probe into the activities of the company is not new. Binance, which is the largest cryptocurrency exchange has met with stiff resistance in several countries where the trading of digital assets is considered against the law. In the US, the probe will also focus on data from the exchange to determine if it intentionally solicited for US customers. The authorities still consider Binance unauthorized to render financial services to US residents. In a Twitter post last July, Binance CEO Changpeng Zhao wondered why the company would be singled out by regulators when it comes to cryptocurrency exchanges.