According to Changpeng Zhao, who is the CEO of Binance, the largest crypto exchange in the world, United States operations will be resuming for the exchange within the next two months. This comes after Binance announced in June 2019 that they will be temporarily restricting their services in the United States as they were working on creating a new division that would allow them to operate within the Financial Crimes Enforcement Network approval.
Now it seems that the hiatus is coming to an end as stated by Zhao in an interview with Cheddar which went live on August 15, 2019.
Binance is Back
During the interview, Zhao was asked directly when Binance will be resuming operations and he predicted it would be somewhere within the next two months.
“I don’t want to promise any fixed dates, but there’s a lot of work being done and there’s a lot of things going on in flux, but I would say in a month or two,” he said.
Binance’s current hiatus speaks volumes to how intense US regulation have become for the crypto industry and this was touched on by Zhao during the interview where he stated that the partnership in the works with BAM trading services will give Binance an advantage in that they can navigate the US regulatory system and this will mean more benefits the company as they will be able to take this opportunity and explore the market in better manner.
However, some in the crypto industry have expressed frustration about regulations not being properly defined and this having some impact on their businesses as a whole. During this interview, Zhao was asked about this alleged impact.
“I think the US is one of the most developed markets because I think it has good regulations in the traditional finance space. Crypto is a new thing, and for new things, the US is a big country and with a lot of regulatory bodies and a very large market […] in a large market it is harder to regulate,” he said.
He has also expressed optimism the future of US regulation and pointed out that the US has a strong legal framework for the traditional financial markets and believes that in time, the crypto sector will get the same treatment and all will be well. As crypto-related laws are being better developed all over the world, hopefully, this will be the case within the United States in the near future.