Latest developments: CEO Stephen Gregory said Binance.US is focused on growth after what he described as a two-year “dormancy” linked to regulatory issues surrounding the broader Binance brand.
- Gregory said Binance.US is a separate US entity with its own management structure, although it shares a common beneficial owner and trademark with Binance.com.
- He said the exchange previously had about 20% of the US crypto exchange market and aims to return to that level.
- Gregory said that Binance.US is now licensed exclusively to serve US customers.
What this means: Binance.US is trying to compete with exchanges like Coinbase and Kraken by emphasizing lower trading costs and a wider range of products.
- Gregory said the exchange has reduced fees to “essentially almost a fee-free exchange,” with 0% maker fees and 2-basis point taker fees.
- He said the company has kept costs down by operating with a lean team and expects to generate revenue from services such as warehousing alongside trading.
- Gregory said the exchange is rebuilding liquidity through incentives and direct contact with retail customers, including personal contact with some of its top users for feedback.
