Let's talk bitcoin - Introducing the Bitcoin Magazine Podcast

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Introducing the Bitcoin Magazine Podcast - Bitcoin Magazine

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In this episode, Dave Hollerith interviews Catherine Coley, CEO of Binance.US. Binance is the largest global cryptocurrency exchange in the world, but it has avoided competing in the U.S. until a few months ago with the launch of Coley’s subsidiary.



To remain compliant with regulations, Binance.US exists as its own company. In October 2019, when Binance.US launched, Binance captured 60 percent of the legitimate cryptocurrency trading volume, its highest share of the global market since March 2019.



In this interview, Coley explained how Binance.US came to be, what it has been like to face the competitive and regulatory hurdles of launching a cryptocurrency exchange, and what stage Binance.US is in now, coming to the end of its first quarter.&nbsp;



Follow <a href="https://twitter.com/cryptocoley">Coley</a> and <a href="https://twitter.com/DsHollers">Hollerith</a> on Twitter. Read more about Binance.US here:



<ul><li><a href="https://bitcoinmagazine.com/articles/binance-to-block-all-u-s-users-launch-regulation-compliant-spinoff-site">Binance to Block All U.S. Users, Launch Regulation Compliant Spinoff Site</a></li><li><a href="https://bitcoinmagazine.com/articles/binance-us-and-tagomi-partner-to-offer-institutional-liquidity-and-access">Binance.US and Tagomi Partner to Offer Institutional Liquidity and Access</a></li></ul>



This podcast content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial or other advice. Nothing contained in this presentation constitutes a solicitation, recommendation, endorsement or offer by BTC Media, The Let’s Talk Bitcoin Network, or any third-party service provider to buy or sell any securities or other financial instruments.

Bitcoin Magazine provides news, analysis, information, commentary and price data about Bitcoin.

Bitcoin Magazine

Bitcoin Magazine's articles are written by a paid staff of full-time, part-time and freelance journalists with a passion for Bitcoin. Our writers adhere to a strict code of journalistic standards and ethics, and do not accept payment from third-party sources for coverage. Bitcoin Magazine also accepts articles from guest contributors from the Bitcoin community with particular insights to share.

Introducing the Bitcoin Magazine Podcast

In this episode of the Bitcoin Magazine Podcast, Dave Hollerith interviews Catherine Coley, CEO of Binance.US about competitive and regulatory hurdles.

Podcast: Catherine Coley on Launching and Operating Binance.US

In this episode, Dave Hollerith interviews Catherine Coley, CEO of Binance.US. Binance is the largest global cryptocurrency exchange in the world, but it has avoided competing in the U.S. until a few months ago with the launch of Coley&rsquo;s subsidiary. To remain compliant with regulations, Binance.US exists as its own company. In October 2019, when Binance.US launched, Binance captured 60 percent of the legitimate cryptocurrency trading volume, its highest share of the global market since March 2019. In this interview, Coley explained how Binance.US came to be, what it has been like to face the competitive and regulatory hurdles of launching a cryptocurrency exchange, and what stage Binance.US is in now, coming to the end of its first quarter.&nbsp; Follow Coley and Hollerith on Twitter. Read more about Binance.US here: Binance to Block All U.S. Users, Launch Regulation Compliant Spinoff SiteBinance.US and Tagomi Partner to Offer Institutional Liquidity and Access This podcast content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial or other advice. Nothing contained in this presentation constitutes a solicitation, recommendation, endorsement or offer by BTC Media, The Let&rsquo;s Talk Bitcoin Network, or any third-party service provider to buy or sell any securities or other financial instruments.

Podcast: Catherine Coley on Launching and Operating Binance.US - Bitcoin Magazine

Bitcoin Magazine is the oldest and most established source of news, information and expert commentary on Bitcoin, its underlying blockchain technology and the industry that has grown up around it. Since 2012, Bitcoin Magazine has provided analysis, research, education and thought leadership at the intersection of finance and technology.

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The partnership will give Tagomi’s institutional clients access to Binance.US trading pairs, including BTC, and furnish Binance.US with more liquidity.

Binance.US, Tagomi Partner on Institutional Access - Bitcoin Magazine

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Binance.US has partnered with institutional brokerage firm Tagomi to provide liquidity for its cross-exchange trading platform.



This partnership will enable Tagomi clients, including venture funds, IRAs and family offices, to access Binance.US’s fiat-to-crypto and crypto-to-crypto trading pairs, including BTC. It will also, in turn, furnish Binance.US with more liquidity.



Tagomi is designed for the institutional trading of digital assets at scale. The brokerage targets large-scale and sophisticated investors looking for access to the cryptocurrency market. Now, Tagomi's clients will be able to access the trading pairs through the brokerage's trade infrastructure.



<h2>Offering Cryptocurrency Investments to the Institutional Market</h2>



Speaking with Bitcoin Magazine about the partnership, Binance.US CEO Catherine Coley emphasized the transformative power of cryptocurrencies and how they can shape our world.



“I see a lot of value in what cryptocurrencies offer by way of disintermediation, and I think it is important that U.S. citizens have access to these currencies that will play a crucial role in the future of currency exchange, payments, etc.,” she said.



This alliance allows Binance.US to take a significant step forward in its mission to bridge the gap between the demand for a wider range of digital assets from investors and the ability of brokerage platforms to supply them.



Institutional demand for crypto assets like bitcoin is on the rise in America. For example, crypto asset manager Grayscale Investments, which offers crypto-related products to investors who don’t necessarily want to manage their own private keys, <a href="https://bitcoinmagazine.com/articles/grayscale-posts-record-quarter-despite-slump-in-bitcoin-prices">attracted</a> $254.9 million in net investments for its products in the third quarter of 2019, despite the slump in prices. The investment firm recently <a href="https://bitcoinmagazine.com/articles/grayscale-files-to-make-bitcoin-trust-first-to-be-regulated-by-sec">applied </a>to become a reporting company with the U.S. Securities and Exchange Commission, in a bid to have its products regulated and attract more institutional investment.



Echoing Grayscale’s move, Coley believes institutions want a larger piece of the cryptocurrency pie but need more education about the right products.



“Institutional traders in the U.S. present an outsized demand that is currently not being met,” she explained. “Our partnership with Tagomi falls directly in line with our mission to make the U.S. a global leader in the growth of the digital asset market, while also helping educate new and sophisticated traders on the wealth of opportunities cryptocurrencies present, well beyond simple investment vehicles.”



<h2>Binance.US Making Bitcoin Accessible </h2>



Bnance.US has hit several milestones that should make bitcoin more accessible to more traditional investors since it <a href="https://bitcoinmagazine.com/articles/binance-welcomes-back-u-s-clients-with-dedicated-compliant-platform">launched</a> in September 2019, including the addition of an option for American clients to buy bitcoin with their <a href="https://www.binance.us/en/blog/397004529524600832/BinanceUS-Launches-Debit-Card-Payments-Gains-Momentum-in-First-Month-Exceeding-2415-Million-Daily-Trading-Volume">debit cards</a>. In October 2019, the exchange <a href="https://support.binance.us/hc/en-us/articles/360035339351">announced</a> that USD deposits stored on the exchange were eligible for Federal Deposit Insurance Corporation (FDIC) coverage.



For Coley, these milestones appear to be progress in a personal mission.



“I came to cryptocurrency with genuine curiosity rooted in frustration with traditional payment systems,” she said. “As an FX trader in Hong Kong, I broached the global currency topic with an understanding of how difficult it can be to live abroad and have bills in various denominations.”

Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.

Jimmy Aki

Binance.US, Tagomi Partner on Institutional Access

The partnership will give Tagomi&rsquo;s institutional clients access to Binance.US trading pairs, including BTC, and furnish Binance.US with more liquidity.

Binance.US has partnered with institutional brokerage firm Tagomi to provide liquidity for its cross-exchange trading platform. This partnership will enable Tagomi clients, including venture funds, IRAs and family offices, to access Binance.US&rsquo;s fiat-to-crypto and crypto-to-crypto trading pairs, including BTC. It will also, in turn, furnish Binance.US with more liquidity. Tagomi is designed for the institutional trading of digital assets at scale. The brokerage targets large-scale and sophisticated investors looking for access to the cryptocurrency market. Now, Tagomi&#039;s clients will be able to access the trading pairs through the brokerage&#039;s trade infrastructure. Offering Cryptocurrency Investments to the Institutional Market Speaking with Bitcoin Magazine about the partnership, Binance.US CEO Catherine Coley emphasized the transformative power of cryptocurrencies and how they can shape our world. &ldquo;I see a lot of value in what cryptocurrencies offer by way of disintermediation, and I think it is important that U.S. citizens have access to these currencies that will play a crucial role in the future of currency exchange, payments, etc.,&rdquo; she said. This alliance allows Binance.US to take a significant step forward in its mission to bridge the gap between the demand for a wider range of digital assets from investors and the ability of brokerage platforms to supply them. Institutional demand for crypto assets like bitcoin is on the rise in America. For example, crypto asset manager Grayscale Investments, which offers crypto-related products to investors who don&rsquo;t necessarily want to manage their own private keys, attracted $254.9 million in net investments for its products in the third quarter of 2019, despite the slump in prices. The investment firm recently applied to become a reporting company with the U.S. Securities and Exchange Commission, in a bid to have its products regulated and attract more institutional investment. Echoing Grayscale&rsquo;s move, Coley believes institutions want a larger piece of the cryptocurrency pie but need more education about the right products. &ldquo;Institutional traders in the U.S. present an outsized demand that is currently not being met,&rdquo; she explained. &ldquo;Our partnership with Tagomi falls directly in line with our mission to make the U.S. a global leader in the growth of the digital asset market, while also helping educate new and sophisticated traders on the wealth of opportunities cryptocurrencies present, well beyond simple investment vehicles.&rdquo; Binance.US Making Bitcoin Accessible Bnance.US has hit several milestones that should make bitcoin more accessible to more traditional investors since it launched in September 2019, including the addition of an option for American clients to buy bitcoin with their debit cards. In October 2019, the exchange announced that USD deposits stored on the exchange were eligible for Federal Deposit Insurance Corporation (FDIC) coverage. For Coley, these milestones appear to be progress in a personal mission. &ldquo;I came to cryptocurrency with genuine curiosity rooted in frustration with traditional payment systems,&rdquo; she said. &ldquo;As an FX trader in Hong Kong, I broached the global currency topic with an understanding of how difficult it can be to live abroad and have bills in various denominations.&rdquo;

Binance has announced the launch of Binance.US, an American-focused, fiat-to-cryptocurrency trading platform.

Binance Welcomes Back U.S. Clients - Bitcoin Magazine

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Binance, the largest cryptocurrency exchange in the world by daily trading volumes, is about to extend its reach. On September 23, 2019, the exchange <a href="https://support.binance.us/hc/en-us/articles/360033780812-Binance-US-Trading-Begins-in-24-Hours-For-BTC-ETH-XRP-BCH-LTC-BNB-and-USDT">announced</a> that Binance.US, an American-focused, fiat-to-cryptocurrency trading platform, would soon begin trading for bitcoin and a range of other cryptocurrencies.



In the announcement, Binance revealed that Binance.US would provide all of the usual exchange services, including deposits, withdrawals, trading and wallet storage. In a release shared with Bitcoin Magazine, the exchange noted that Binance.US will be offering free trades until November 1, 2019, to kick-start the platform and it plans to roll out additional batches of cryptocurrencies that “meet U.S. regulations and compliance standards based on its Digital Asset Risk Assessment Framework.”&nbsp;



<h2>The Binance.US Development Timeline</h2>



The launch of Binance.US has been a long time coming, and the parent company has done a good job of updating interested parties. In June 2019, the exchange <a href="https://bitcoinmagazine.com/articles/binance-to-block-all-u-s-users-launch-regulation-compliant-spinoff-site">announced</a> that it would block U.S. citizens from accessing its global site, while it worked on creating a regulation-compliant platform for them in the interim.



BAM Trading, which oversees both Binance and the U.S. subsidiary, registered with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury while continuing to work toward state-level regulatory compliance.



Binance.US won’t be available in all of the country’s states, however. Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont and Washington are excluded from its scope of operations.



It is suspected that most of these states were excluded due to the strict cryptocurrency regulations governing them. In New York, for instance, cryptocurrency companies have to obtain the BitLicense, an <a href="https://bitcoinmagazine.com/articles/new-york-introduces-two-new-crypto-regulators">approval</a> from the New York Department of Financial Services (NYDFS), to do business.



“Although it is upsetting that we cannot offer Binance.US in [these] states [...] at this time, please rest assured that this is just the beginning, and it is our mission to bring access to those of you in these states many of us call home,” Binance.US CEO Catherine Coley noted in <a href="https://medium.com/binance-us/your-questions-answered-binance-us-launches-registration-tomorrow-71f8490ba80a">a blog post</a>.



U.S. citizens, upon their successful account verification, are expected to be able to conduct transfers in bitcoin, ether, XRP, bitcoin cash, litecoin, tether and binance coin.

Binance Welcomes Back U.S. Clients

Binance has announced the launch of Binance.US, an American-focused, fiat-to-cryptocurrency trading platform meant to extends its reach to the U.S.

Binance Welcomes Back U.S. Clients page sep sitename

Binance, the largest cryptocurrency exchange in the world by daily trading volumes, is about to extend its reach. On September 23, 2019, the exchange announced that Binance.US, an American-focused, fiat-to-cryptocurrency trading platform, would soon begin trading for bitcoin and a range of other cryptocurrencies. In the announcement, Binance revealed that Binance.US would provide all of the usual exchange services, including deposits, withdrawals, trading and wallet storage. In a release shared with Bitcoin Magazine, the exchange noted that Binance.US will be offering free trades until November 1, 2019, to kick-start the platform and it plans to roll out additional batches of cryptocurrencies that &ldquo;meet U.S. regulations and compliance standards based on its Digital Asset Risk Assessment Framework.&rdquo;&nbsp; The Binance.US Development Timeline The launch of Binance.US has been a long time coming, and the parent company has done a good job of updating interested parties. In June 2019, the exchange announced that it would block U.S. citizens from accessing its global site, while it worked on creating a regulation-compliant platform for them in the interim. BAM Trading, which oversees both Binance and the U.S. subsidiary, registered with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury while continuing to work toward state-level regulatory compliance. Binance.US won&rsquo;t be available in all of the country&rsquo;s states, however. Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont and Washington are excluded from its scope of operations. It is suspected that most of these states were excluded due to the strict cryptocurrency regulations governing them. In New York, for instance, cryptocurrency companies have to obtain the BitLicense, an approval from the New York Department of Financial Services (NYDFS), to do business. &ldquo;Although it is upsetting that we cannot offer Binance.US in [these] states [...] at this time, please rest assured that this is just the beginning, and it is our mission to bring access to those of you in these states many of us call home,&rdquo; Binance.US CEO Catherine Coley noted in a blog post. U.S. citizens, upon their successful account verification, are expected to be able to conduct transfers in bitcoin, ether, XRP, bitcoin cash, litecoin, tether and binance coin.

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Podcast: Catherine Coley on Launching and Operating Binance.US

Binance.US and Tagomi Partner to Offer Institutional Liquidity and Access

Binance Welcomes Back U.S. Clients With Dedicated, Compliant Platform