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Regulatory announcements can also affect the price of cryptocurrency in already volatile markets. Market volatility is why investing experts recommend keeping any cryptocurrency investments to less than 5% of your total portfolio and never invest anything you’re not OK with losing.
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Thus, Binance.US will not initially support its projects such as BitTorrent (47th by market capitalization), Fetch.AI (207), Celer (180) and Matic Network (127), despite having these raise capital on the Binance Launchpad platform.
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.
That 90-day period ends September 12, so that’s effectively the deadline for Binance to launch its new U.S. exchange if it is to avoid impacting its American user base.
There have been previous reports that Binance.US keeps users’ USD in FDIC-insured accounts, but posts on the Binance.US site containing that information have since been deleted. While it doesn’t guarantee the same in case of a Binance.US hack, the international version of the exchange, Binance, covered all consumer losses after a $40 million hack in 2019.
Yield farming involves lending cryptocurrency in exchange for interest payments and other rewards - but it comes with a high degree of risk.
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Although CZ is the leader of Binance, he is not in charge of running Binance.US. In fact, in April 2021, Binance.US announced that it hired Brian Brook as its CEO. Brian Brooks is a former Coinbase executive who also served as Donald Trump’s Acting Comptroller of the Currency.
The surge in Bitcoin’s value in recent weeks follows the much anticipated first Bitcoin ETF debuting on the New York Stock Exchange, and a record-breaking October for the stock market in general.
One of the clearest distinctions between the main Binance platform and Binance.US is the number of cryptocurrencies (and fiat currencies) with which you can trade. As of early 2021, the number of cryptocurrencies on Binance.US stood at just 53, while the original version of the platform supports over 200 different coins.
And while proponents tout cryptocurrencies as potentially lucrative alternative investments, few serious financial professionals view most coins — with the important exception of Bitcoin and a few others — as suitable for anything other than pure speculation.
Blocto, the NFT and crypto wallet has confirmed that the Dallas Mavericks owner and serial investor Mark Cuban has invested in the company.
The good news for U.S. customers is that Binance.US does offer the same low trading fees that its parent company, Binance, does. The only slight difference is that the US exchange offers 10 VIP levels whereas the international platform only has 9 VIP levels. However, for almost all traders, that won't make a difference.
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However, as the BBC reported, it was criticised for not allowing people to resell their tokens.
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