There is No Place for Binance IEOs on Binance US Yet
While Binance US, the American branch of major cryptocurrency exchange Binance, included four stablecoins among its 30 potential candidates to be listed on this upcoming platform, no Binance IEOs (initial exchange offerings) are on the list.
Hyped projects such as BitTorrent (47th by market capitalization), Fetch.AI (207), Celer (180) and Matic Network (127), that raised capital on the Binance Launchpad platform, have been left outside of the list alongside with many other coins, including Tron (13th by market capitalization).
(Meanwhile, competing major American exchange Coinbase is considering the addition of new assets, including Harmony and Matic, both of which offered tokens to the public via the Binance Launchpad.)
Binance US said that among other things (unspecified), they examined five areas of each candidate asset:
- “Whether trading the candidate asset will affect Binance U.S.’s ability to comply with applicable legal requirements, including, without limitation, U.S. AML/CFT and securities laws and their implementing regulations;
- Whether the candidate asset’s core team has a clear strategy to solve a real problem and make the world a more efficient place;
- Whether the candidate asset’s community has a record of reaching compromises and consensuses to move the project forward, and how well the asset’s core team interacts with the asset’s community members;
- Whether the candidate asset’s market supply and demand are reasonably fair and likely to meet Binance US’s quantitative standards; and
- Whether the candidate asset is technologically secure to transact and/or realistic to build.”
Meanwhile, many concerned Tron holders have voiced their frustration publicly, stressing that Tron needs a trading venue where U.S. citizens are allowed to participate, and that this must happen very soon.
Justin Sun, founder of Tron and CEO of Bittorrent, responded to these concerns without promising anything more specific that this: “We should have more U.S. based exchanges for sure. Let me work on that. We promise within 2019 the community will see huge progress on that.”
Binance’s own token, Binance Coin (BNB), is also among the assets currently being explored for listing. Binance CEO Changpeng Zhao earlier said that they “don’t know” if BNB will be listed in the U.S.
Meanwhile, experts have recently argued that the BNB token is likely to become problematic for Binance as it establishes itself in America, because "it is both a security and a utility token and as such passes the Howey test for being a security irrespective of its utility properties."
However, it’s still not clear, when the final list of the coins available on Binance US will be revealed. The new platform is estimated to be launched in the coming months. In either case, current American users of Binance.com, the main trading platform of Binance, will not be able to use this platform starting September 12.
Binance US, which is operated by the U.S.-registered company BAM Trading Services, was not available for immediate comment.
In an update from the Binance US CEO Catherine Coley, the exchange revealed that it is considering to list these 30 crypto assets: