The crypto industry is in shock following news that Binance will be launching a US-based crypto exchange counterpart in the face of increased pressure from financial watchdogs, and moving forward with blocking US customers from visiting the current platform. Uncertainty surrounding which of Binance’s exotic altcoins will make its way to the stateside exchange has sparked a massive selloff across all crypto assets except for Bitcoin – which is rising in value as the altcoins are traded into BTC via their trading pairs.
But before crypto traders further panic, a list of the altcoins that will still be available to US customers, along with which alternative crypto exchanges offer each respective coin, has been making its way around the internet that could help ease further concerns and inform investors on the next steps necessary to take any assets stored on Binance currently elsewhere in the crypto industry.
Which of the Binance Altcoins May Make it to US Exchange?
Altcoins are bleeding out after investors learned that the Malta-based cryptocurrency exchange would be blocking US customers from visiting its trading platform, instead directing them to a new US-based version of Binance. But this version of Binance would be very regulator-friendly, which means that many of the exotic altcoins offered on the Changpeng Zhao-led exchange.
The uncertainty over which altcoins might fall under scrutiny by financial watchdogs in the country, has led to a massive panic-induced selloff, where even the most bullish altcoins have plummeted in both USD and BTC value.
Here is the breakdown of what coins will still be available (as things stand) to US customers through US compliant exchanges once @binance stop US based trading in September pic.twitter.com/OSawHb9GX6
— Goomba (@im_goomba) June 14, 2019
To help clear up the confusion that’s causing fear across the crypto market, one analyst has put together a spreadsheet that is complete with most altcoins offered by Binance, whether they are compliant with US laws, and the alternative crypto platforms that offer each respective asset.
Related Reading | Will Bitcoin Margin Trading Help Binance and Coinbase Survive Big Banks Entering Crypto?
The exchanges included on the sheet are Poloniex, Bittrex, Beaxy, Huobi US, Robinhood, eToro, Kraken, and industry powerhouse Coinbase.
Crypto Market Chaos Ensues Following Industry Leader Blocking US Investors
American crypto traders represent more trading volume than the next five countries behind it combined – that’s how significant the United States’ traders are to the entire landscape. With traders from the US dominating the crypto market, of course Binance wouldn’t ditch US-based investors entirely.
Instead, they’re partnering with a mysterious FinCEN-registered firm BAM Trading Services, that some speculate to be a new subsidiary of Bitwise Asset Management, to launch a stateside crypto exchange, with a limited range of crypto assets.
Related Reading | Former SEC Chief Calls IEOs “Unregulated Crypto-Casino Fundraising Mutations”
Ahead of the launch of the new platform’s launch, and before a list of US-compliant assets were revealed, the firm announced that US-based investors would be blocked from the platform in 90 days, causing widespread FUD across the market. While the fears are over which coins are compliant, investors should be more concerned that US financial watchdogs appear to be cracking down further on crypto companies.