In an interview with Cheddar, Binance CEO Changpeng Zhao said that he expects the company to resume its U.S. operations in the U.S. “in a month or two.” While the CEO refused to confirm a date, he promised the restoration of service in a couple of months, after the company has dealt with several regulatory and technical challenges.
Binance had previously announced plans to restrict US users from trading on September 12th. This likely means that current US customers of Binance will see a break in service before it can produce its US-compliant division.
The crypto exchange, formed just two years ago, is the largest in the world on the basis of volume. It had been working on opening up a US division pending the approval of the Financial Crimes Enforcement Network (FinCEN). Binance.US will launch its service by partnering with BAM Trading Services, a FinCEN compliant entity.
New York Out
According to Zhao, the company will not launch in New York as the BitLicense from New York State Department of Financial Services (NYDFS) is still pending for both Binance and BAM. Zhao wants to be fully compliant with all government regulations. He believes it is a great responsibility handling customer data and assets for a centralized service like his firm.