Bitcoin’s bullish price rise to near $70,000 in value comes as investors hope to see the $1 trillion market cap remain firmly in place ahead of a volatile trading period.
Under Brooks’ leadership, the OCC began allowing banks to provide cryptocurrency custody services and store cryptographic keys in July 2020. And this January, the OCC first permitted banks to use stablecoins for payments.
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These numbers are far greater than Binance.US. U.S. regulations limit the number and types of cryptocurrency that a U.S.-based company can sell to U.S. customers. As a direct result of these rules, Binance.US only offers about 53 cryptocurrencies for exchange to U.S. residents. This number is much lower than Binance’s international exchange but is on par with other U.S.-based exchanges.
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Yet, trading on Binance.US obliges the customers to undergo the KYC (know your customer) procedure. First, the users are required to go through either of four types of verification available on the platform:
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Registering an account on Binance.US is a relatively straightforward affair and includes providing a user’s email address and password and interacting with a verification email.
Due to their political independence and essentially impenetrable data security, cryptocurrency users enjoy benefits not available to users of traditional fiat currencies, such as the U.S. dollar, and the financial systems that those currencies support.
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Even though the current downside move is sure to shock some investors, slight corrections after reaching new all-time highs are a customary practice for Bitcoin.