BAM Trading Services, the operator of Binance.US, announced the appointment of an ex-Ripple executive as the CEO of the crypto exchange branch. Catherine Coley was the Head of XRP Institutional Liquidity at the tech startup, Ripple, before joining the major cryptocurrency exchange, Binance.
Cryptocurrency Exchange News Update – Binance News Update – Ripple’s Former Executive to Lead Binance In The US
Coley joined the tech company in 2017 and contributed immensely to its market development and growth of trading infrastructure. While working for Silicon Valley Bank, she handled global treasury management and international payment for startups. Coley also worked in the institutional foreign exchange of Morgan Stanley in Hong Kong and London.
According to BAM on Tuesday, Coley will supervise the launch of Binance.US. The CEO will also oversee the expansion of the exchange in North America. Binance is a major global cryptocurrency exchange and is considered the biggest with regards to its trading volume. The Binance platform provides a marketplace for over 100 digital currencies.
The company was originally founded in China. However, it moved its headquarters to Japan before the September 2017 ban of cryptocurrency trading in China. Binance is expanding its exchange marketplace across the globe. It has established offices in Taiwan and is set to launch its America branch. Considering her previous roles before joining the blockchain, Coley appears to be the right person to oversee the new branch.
The founder and CEO of Binance, Changpeng Zhao, disclosed that he is convinced that Binance.US will perform excellently under the leadership of Coley. He affirmed that the technology platform will provide valuable services to the U.S. In a statement, Coley expressed her readiness to work with the global cryptocurrency exchange. She stated that she will partner with the technology platform to unlock more potential for Binance in the U.S.
Cryptocurrency Exchange News – Binance News Update – Binance Launches USA Branch In Expansion Efforts
The appointment of Catherine Coley is coming weeks after Binance informed the public about the creation of Binance.US. Through this branch, the cryptocurrency exchange will create a marketplace for U.S-based crypto traders. However, BAM Trading Services will be the operator of this branch.
Though much information isn’t available on BAM, the company reportedly registered as a money services firm in the U.S. The Binance.US operator has a company address at San Francisco with “BAM Trading Services Inc.” as its legal name. According to the Delaware Department of State’s Division of Corporations, the firm was incorporated in the state of Delaware. The incorporation took place on February 4, 2019.
Binance.US will operate as a partnership between the U.S-based firm, BAM Trading Services, and the crypto exchange, Binance. The global exchange platform made no comment on the ownership of Binance.US. However, Changpeng Zhao disclosed that no “operational role” or “legal titles” at Binance.US.
As expected, the launch of Binance.US will take place in the coming months. Due to the creation of the exchange’s U.S division, U.S users of Binance.com would no longer access the platform from September 12. Binance had earlier announced its plan to create a fiat-to-crypto exchange in the U.S. before announcing the blocking of U.S users. Besides, the Chief Growth Officer of the exchange revealed that Binance intends to launch at least two fiat-to-crypto exchanges in each continent.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.