Binance Considers 30 Potential Cryptocurrencies for US Subsidiary

Binance, the globe’s biggest cryptocurrency exchange by trading volume, has stated that it is contemplating on 30 possible cryptocurrencies and digital assets for its forthcoming U.S. subsidiary.

According to a Medium post published on Friday, Binance US — a “tailor-made platform to access cryptocurrencies in the United States” — has embraced a Digital Asset Risk Assessment Framework to meet compliance prerequisites of the nation.

The news comes following a move by the exchange to deny U.S. individuals access to its primary trading platform in June, a day after reporting collaboration with BAM Trading Services to enter the U.S. market formally.

The firm writes:

“Binance US strives to be a reliable and efficient marketplace for a rich selection of high-quality digital assets, so that our users can be part of the open and competitive market that discovers projects with true utility.” 

The firm also revealed it is analyzing 30 crypto assets to include on its U.S. platform. These incorporate the top market cap cryptos such as BTC, ETH, and LTC, as well as its own BNB token, among others.

As earlier reported, BAM Trading Services will operate the U.S. platform, which is overlaid on Binance’s wallet and coordinating engine technologies. The exchange aims to reinforce its compliance and security practices through collaborations with the software provider Chainalysis and KYC/AML tool provider IdentityMind.

Binance expanded its ecosystem by introducing an exchange in Singapore in July.

Binance still has not revealed an official timetable for the launch of its U.S. subsidiary.