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Binance U.S. to launch in coming weeks; will require stringent KYC

Steven Zheng

Binance U.S. is planning to launch in the "coming weeks" according to a blog post published by the firm on Friday. At launch, the exchange will only be available via its website with plans for a mobile app. According to Binance U.S., the exchange will require users to go through a KYC process by uploading a valid government ID and their Social Security numbers. The exchange is in the process of finalizing the list of states where it will initially offer its trading platform.

As reported by The Block, Binance U.S. won't initially serve New York State residents. In July, the exchange hired Catherine Coley, former head of XRP institutional liquidity at Ripple, as CEO. In August, Binance U.S. announced a list of 30 cryptocurrencies that it planned on listing at launch.