Binance, one of the largest crypto exchange by adjusted trading volume, is planning to launch its United States subsidiary within the next two months.
The prospect was revealed by Changpeng Zhao, founder and chief executive of the Malta-registered exchange, during an interview with Cheddar.
“There are a lot of things in flux, but I would say [we’ll launch] in a month or two,” Zhao told the financial media house.
Binance first revealed its plans to enter the US market with a crypto-to-fiat exchange in June when it announced that access to its primary site will be blocked for US-based clients from September. With the new subsidiary, Binance will directly compete with local giant Coinbase.
The crypto exchange partnered with US-based BAM Trading Services to launch its crypto-fiat exchange in the country. Last month, Binance appointed Catherine Coley, a former executive of Ripple, to head its US-based subsidiary.
Still needs approval for a pan country launch
Zhao also revealed that in the initial phase, the US subsidiary of the global crypto exchange would not cater to New York residents as the local operator of the exchange did not receive the mandatory BitLicense yet.
“The U.S. historically has made very clear regulations, so we hope that will clear up,” Zhao added. “At the same time, some early adopters in this space will be better rewarded. There are uncertainties in the regulatory space, but we’re willing to try.”
Binance US is part of the global exchange’s push to tap local markets with crypto-fiat exchanges. Binance already launched similar fiat-based exchanges in Singapore, Jersey, Uganda, and Australia.
“The U.S. has always been a very important market; globally it’s one of the biggest markets for any business, including in cryptocurrency,” the CEO said. “We want to be fully compliant. Before we didn’t feel we had the experience to do that but now we have our partners so we want to take this opportunity to explore the market.”