Currently the second-largest crypto exchange by adjusted volume according to data from CoinMarketCap, Binance is considering at least 30 different digital assets which will be listed on the forthcoming trading platform for the U.S. community. According to the announcement, Binance US is reviewing the assets to make sure that they fulfill all the stipulated requirements for listing.
Binance US to comply with U.S. Regulation
Binance has ensured the public that it will make sure it stays on the right side of the law, fully complying with regulation. This will involve skipping any assets that might be considered securities as there is still a lot of uncertainty with tokens in that category.
“Binance US recognizes that the ease of issuing blockchain tokens and the perceived lack of regulation could make these tokens targets for abuse. Binance US has both legal obligations and moral duties to shield our users from fraudulent blockchain projects and combat financial crimes.”
Binance Digital Asset Risk Assessment Framework
The announcement further mentions that a Digital Asset Risk Assessment Framework has been implemented to properly determine the projects and assets that will help Binance ensure transparency, compliance and also identify those “with a real chance of making the world more efficient.”
The assessment framework will scrutinize all considered assets to see if they fulfill five major requirements. They include:
- The possibility that normal exchange and trading of the asset will interfere with Binance US’ chance of fully complying with all relevant regulations and requirements.
- Whether or not the normal circulation, supply, and demand are optimum and will fulfill standards set by Binance US.
- The basic technology of the asset, especially with the privacy and security of its transactions.
- The asset’s ability to tackle an actual problem and help make the world better.
- Whether or not the asset’s community are eager to, and have in the past, come up with agreements and compromises as the case may be, to further advance the asset. Binance US will also asses how the asset’s team of developers and stakeholders interrelate and connect with members of its community.
The assets under review according to the announcement and in alphabetical order include some of the top assets by market cap. They are ADA, ATOM, BAT, BCHABC, BNB, BTC, DASH, EOS, ETC, ETH, HOT, IOTA, LINK, LOOM, LTC, MANA, NANO, NEO, PAX, REP, RVN, TUSD, USDC, USDT, VET, WAVES, XLM, XRP, ZIL, ZRX.
Worthy of mention is the fact that about five assets among the 20 largest in the market, did not make the list. They include Bitcoin SV, LEO, Tezos, Tron and Monero.
Binance also announced back in June that it will limit access for the United States residents as from September 12th. The exchange said customers will not be able to make any trades or deposits but will be allowed to withdraw their assets.
