Binance (BNB-USD) U.S. staking is finally here. Binance US, the American arm of the world’s largest crypto exchange, is now catching up to its global arm by implementing staking of several major crypto assets. This news makes for a much-needed catalyst, too.
Earlier this week, Binance was dealt several blows. A probe from the U.S. Securities & Exchange Commission (SEC) is perhaps the most influential for the future of the exchange. The government agency is opening an investigation into Binance over its BNB crypto. According to allegations, Binance did not register its initial coin offering (ICO) with the agency prior to selling BNB in 2017.
Like the SEC’s lawsuit against Ripple (XRP-USD), this investigation could have broad implications for the future of crypto regulation. Although Binance alleges that BNB is a currency, the SEC views it as a security. The outcome of the probe could set a precedent for how the agency and other government institutions define crypto assets.
While this probe takes off, more accusations are also coming out about Binance’s alleged role in illegal activity. Specifically, a report by Reuters alleges that Binance processed billions in transactions related to drug trafficking, fraud and more. It even asserts that Binance had a role in letting North Korean hackers steal funds for the country’s nuclear weapons program.
These bearish stories now have the platform looking to make some positive moves. Luckily, though, the exchange is stirring up excitement with its new Binance US staking announcement.
Binance US Staking Platform Rolls Out With Several Notable Assets
The Binance US staking platform is helping turn the tide in this exchange’s favor. While the larger, global side of Binance actually introduced staking in 2019, the U.S. side had been lacking until now. Today, staking is coming to the Binance US platform for the first time.
Binance made the announcement yesterday afternoon. Through the new staking platform, users will be able to earn some of the highest yields on the market — up to 18% annual percentage yield (APY). Initially, Binance is offering seven different proof-of-stake cryptos for staking. These include BNB, as well as layer-1 assets like Solana (SOL-USD), Avalanche (AVAX-USD) and Cosmos (ATOM-USD). Others include Audius (AUDIO-USD), Livepeer (LPT-USD) and Graph (GRT-USD).
This announcement comes as part of Binance’s more aggressive push in the U.S. exchange market. CEO Brian Schroder says the goal for the new platform is to become the “best staking platform in the United States by the end of the year.”
Schroder adds that Binance is capitalizing on the recent downturn for competitors like Coinbase (NASDAQ:COIN) and Gemini, which have had to fire employees or rescind offers to new hires. “We are hiring Coinbase and Gemini people onto our staff,” Schroder says.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
