Binance recently announced its plan to launch a US trading platform after banning U.S. passport holders to sign up for Global Binance.
After a month of trading, the new Binance US-based platform has been able to reach 10% of the trading volume Coinbase is averaging daily. Coinbase is by far the most popular US-based exchange, however, it seems that Binance will be a formidable opponent.
Binance US has been regularly adding new pairings and has launched a trading fee discount yesterday. Customers are now able to use BNB to pay for trading fees and will receive a 25% discount on those fees.
Additionally, Binance US will also support debit cards and will allow customers to buy cryptocurrencies like Ethereum or Bitcoin with it.
According to Binance, the team is planning to expand its product even more in the coming months and aims at lowering barriers of entry to new users.
Increased competition is actually good, one of the benefits is a boost to innovation. Competition among exchanges can impulse the invention of new products or services.
BNB, the native token of Binance has been performing really well too for the past month. It is currently trading at $19.94 and it’s eyeing up the $20 level.