Binance is reportedly eyeing expansion into U.S.

Exchanges • June 13, 2019, 3:16PM EDT
The Block

The largest cryptocurrency exchange in the world has ambitions to get even bigger, according to a report by CoinDesk. 

Binance, the Malta-based spot cryptocurrency exchange, is looking to expand into the U.S. via a new unit, appropriately dubbed Binance US. The firm, which launched in 2017, dominates trading in digital assets with a market share near 60%, according to data compiled by The Block. 

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Binance CEO Changpeng Zhao said the firm was partnering with BAM for the launch. BAM will manage the unit, whereas Binance will offer BAM Trading Services, its trading and matching engine technology, CoinDesk reported. It's not exactly clear when the new platform will launch. 

"Binance US will be led by our local partner BAM and will serve the U.S. market in full regulatory compliance," Zhao said. 

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