- Binance partners with BAM, a FinCen certified trading service, to reach out to the US market officially
- CZ, Binance CEO expresses his excitement
- BAM’s FinCen registry status is not clear
On June 13, 2019, reports have surfaced that Binance is making a clear intention of expanding into the US market through a partnership with BAM Trading services who are registered by FinCen. However, Binance has not issued a specific timeline for the launch.
The company announced its partnership with BAM Trading Services in setting up a new trading platform, Binance U.S, with the U.S customers as their target market. BAM will accommodate Binance U.S operations, with the use of its wallet inclusive of matching engine technologies.
The Unique Market of Binance
Initially, Binance had pointed out most of its clients come from the U.S. and China. But then, in the dawn of the unrelenting Chinese restrictions on crypto, Binance target market gradually shifted towards the U.S., thus depending on them more.
On that note, all crypto exchange businesses in the U.S should be registered in FinCen, the part of the U.S. Department of the Treasury that protects the crypto community against financial crimes. Unfortunately, Binance has not been registered by FinCen.
But now, in this partnership with BAM, Binance will be making its first formal entry into the U.S. market even though residents have previously had access to its trading platform.
All Smiles from the Founder
Changpeng Zhao, the CEO of Binance, was quoted expressing their excitement of finally setting Binance trading platform in the US afloat, bringing with it liquidity, speed, and security of Binance.com to the residents of North America.
“Binance US will be led by our local partner BAM and will serve the U.S. market in full regulatory compliance,” Zao added.
Binance Suspicious Donation Comes to Light
The identity of BAM Trading Services is not clear yet. However, it is known for a fact that the firm is incorporated under the Financial Crimes Enforcement Network (FinCEN), of the U.S Treasury, and its address is in San Francisco, California.
The documents of registration, however, indicate that FinCEN fails to verify the information turned in by the MSB and that the document is additionally a reflection of only the direct provisions to the regulator.
According to the terms provided for by the Money Services Businesses (MSB) registration, the company’s listing only allows it to carry out business in the state of California.
It appears that BAM Trading is collaborating with the fully managed solutions, Koi Compliance; Koi Trading, a wing of over the counter (OTC) crypto trader, as the FinCEN registration mailing address for BAM is c/o Koi. This makes it obvious now why Binance Labs made an investment worth $3 million to Koi Trading on January 24th.
A press release revealed a BAM Trading Services Representative, who remained anonymous, stating that their partnership with Binance was an honor, giving leverage to its technology in tandem as well as their tier-one security.
The representative, who still maintained anonymity, further affirmed their commitment to ensuring that they lead Binance in complying with the full regulations to tap the U.S market, as well as providing a platform that is compliant and secure.