Binance.US to Launch With Limited Cryptocurrency Support, Will Altcoins Suffer?

Leading cryptocurrency exchange platform Binance has announced that it will begin accepting user registrations at its US-facing exchange starting next week. Users will be able to sign up for accounts, as well as make deposits in a small range of cryptocurrencies.

According to a Medium post published today by Binance.US, the major crypto asset exchange platform will open its doors to registrations at its US-facing trading venue from next Wednesday. Catherine Coley, the CEO of Binance.US, wrote in the post:

“This kicks off our first phase as we gradually roll out access to our digital asset marketplace across America… After trading launches for this first phase, we will be continually adding to the selection of digital assets available for verified users to deposit and eventually trade on Binance.US.”

Initially, the platform will support only a handful of digital currencies. Deposits will be available in Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), and Tether (USDT).

The launch of the new US-facing exchange platform from Binance follows it announcing a ban on US users earlier this summer. The exchange cited uncertainty in the regulatory environment as influencing the decision.

As BeInCrypto reported earlier today, the US ban from Binance’s main exchange platform will go into effect from tomorrow, September 12. As noted in the report, the ban’s impact on the cryptocurrency market has been negligible, with neither altcoins or Bitcoin making significant moves.

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However, the dwindling prices of altcoins relative to Bitcoin over the last few months might be in part influenced by the exchange’s withdrawal from the US market. Although Binance is working fast to get a US-specific product off the ground, there is no telling when, or even if, it will be able to offer the vast numbers of digital currencies traded on its global exchange. With the US being a major market for cryptocurrencies, this may impact the struggling market’s ability to recover versus Bitcoin going forward.

Do you think Binance.US’s reduced altcoin selection will impact the market’s ability to recover? Comment your thoughts below.

Images are courtesy of Twitter.

Crypto Destroyer

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