Binanc.us API Connection Now available!
Hi, and welcome to the short video, and this video, I will show you how you can set up your Binance.us trading bot.
We just implemented Binance.us for our U.S. customers. Trading on Binance.us is still very limited because not many coins are supported until now. But we already have some users using it. So if you want to set up a new Binance.us account and start trading with our bot, you can do that now.
So if you start trading here, you create a new connector; press on here, and I name it “Binance U.S. Test.”
And then you just put in whatever API key and secret you get from your Binance U.S. Exchange. After you have done this, you can move over to your bots and create a new trading bot.
Just click on the TradingView Bot, and I will skip this wizard, I will go to the single form to show it to you more quickly and conveniently.
I will name this bot here, “Binance U.S. Test.” Then you would say okay in this case I want to use at TradingView Connection because we want to receive signals from TradingView.
In the next step, I will define the direction of the trade. Keep in mind that, for example, on Binace, you can just trade long.
Short and long. So it doesn’t matter what you do you can set it too long. You can then pick here Binance US. , you can choose from one of the trading pairs thy support.
You will see in this list here, which coins and trading pairs are available. So it could say USDT/BTC, for example, I could give a strategy a name here in this field.
Again this can be whatever you want it to be.
You can put in your timeframe; let’s say you want to create a bot on a 15-minute timeframe.
You can put in your BTC volume that you want to trade.
You can say I only want that bot to trade two times.
So the bot will just be able to execute a trade a limited number of times. In this case, two times, you could enable or disable the closing signal.
With the closing signal, you can say you want it to be closed.
Every time the bot is sending a closing signal, you can close all open trades, or you could say I want close just one trade.
You can also enable the take profit option at I don’t know 30 percent. For the closing stop loss, you could say I set my stop loss to 20 % and trailing stop loss trigger to 3 %. If the trigger gets reached, then the trailing stop loss gets activated.
And then maybe set the stop loss to 5 %
If you want to find out how to revive the signals, please
go to our Academy and search for TradingView Setup you will find how to set up the signs.
Now, you know all you need to do to create and start your bot.
And you will be able to receive also signals from Binance U.S. now after this update.
If you go to TradingBot-Solutions.com, you can go to the Academy if you search for anything in this case. There is already a video online from Binace.us.
If you want to know some more about Binance U.S. what the interview below, it is fascinating and gives you al lot of insides directly form the Binace U.S. CEO.
This is The Coinist podcast. I’m the host Luke. We’re going to be having discussions about top funds, analysts and exchanges. If you’re new here, be sure to subscribe on YouTube or, if you’re listening on iTunes or Spotify, hit that subscribe button because the next few episodes that are coming out will be enjoyable and accessible to everyone, whether you’re a trader or just a passive investor interested in the crypto asset class or if you’re interested in investing in Bitcoin.
Today’s episode is special. There is a lot of news coming out in the crypto world. You had the Bakkt launch which caused a ton of speculation around whether or not it was bullish or bearish for Bitcoin. We haven’t seen a short term impact on price. The other big launch this week is Binance US and it’s especially important for the group of traders based in the US that is continuously getting Geo-blocked and fenced-out of other platforms which is leaving a lot of traders and investors wondering, ‘will I even have an option?’ Currently, there is Coinbase and Gemini and there’s maybe one or two other exchanges. However Binance, as the most successful exchange elsewhere in the world, coming to the US is huge. I figured, with the launch today, that this was the perfect time to sit down with Catherine Coley, who’s the CEO of Binance US, and figure out everything that you need to know to get started on the platform.
We will touch on questions such as: how is this platform different from Binance elsewhere? Where’s the liquidity going to come from? How are they adding new tokens? How are they going to be successful, where Coinbase and other platforms haven’t been, in adding tokens? How do they beat those other exchanges? How do they view those other exchanges? We’ll hear about Catherine’s background in a fun story. She actually knew Arthur Hayes before they both made the leap into crypto. I learned a lot from Catherine about Binance and it was also enjoyable to learn about developers and project leaders and who’s running these exchanges. Everyone knows CZ with Binance.
But I think everyone, after this episode, will get to know Catherine. If you do want to get set up on Binance, the link is below. If you want to follow Catherine, which I recommend you do because you’re going to need to be in the know with all the updates happening to Binance US, her info is also right down below this video. Follow her on Twitter. I appreciate all the feedback, comments, replies and retweets. If you comment below this video or leave a rating on iTunes, I can’t tell you enough about how cool it is to continually get feedback and have people tuning in.
I know that crypto has been so slow in August and September, especially for Bitcoin, that some people are turning it off or not wanting to look at it. But if you are still tuning in (not trading, but wanting to come here and learn) I appreciate it if you leave some feedback. If you’re on iTunes, drop a rating. If you’re on Twitter, reach out and let me know what you think. I appreciate all the feedback that I get and I appreciate you for tuning in. Alright, let’s not waste any more time. Let’s get into the show. Enjoy.
I am joined by Catherine Coley of Binance US. We were laughing, before the show started, about how easy this was. It was too easy. I was shocked. I thought I was talking to a scam Catherine Coley account on Twitter. It took me a while to get to CZ. I messaged you once and you say, sure, I’m on.
Perfect grammar though. That’s how you know I’m not a bot.
Exactly. That was the telltale. I am extremely appreciative of your time. You just got done with an AMA. How was that?
First jitters out of the way. The world knows how my voice sounds now. We can move on from there.
You were a natural. It turned out well. We’ll talk about your previous jobs. You worked with Ripple and you worked at…was it Morgan Stanley? Two other companies in the FX space. You probably didn’t have to deal with thousands of people saying “when moon” or “are my funds SAFU?” You have fans, or should I say: Binance has fans.
Binance has fans. People will learn that I’m a random person on the side of the street. I’m a big believer in the anti-demigod and I really hope there isn’t a fandom or a poll following me. I strongly believe that, at Binance US, the big winners are the users. I discourage people from creating shrines and worship circles dedicated to users and people in crypto. I think it’s all an access ramp for us to have our own independence.
That and a lot of memes – lookout for those. You’re in go-mode, you have a lot of things going on. We’re at phase two, I believe. We’ll talk about what phase two is versus phase one and what’s next for Binance US. All those things that traders and investors want to know. But before this, how did you get here? You’re now the head of one of the largest exchange launches in the US. What were you doing before this? You were with Ripple and then working in FX? What was that like?
I like to give the plateau that says: “if crypto can give anyone a platform to be able to apply what they’ve learned and really reach for the stars, this is it”. I started out really focused on global connectivity. I studied abroad for a long time in university and found the differences in cultures and the way the world worked around those discrepancies, creating inefficiency in markets, fascinating. I channeled that into flinging myself halfway around the world to Hong Kong to start on the FX trading floor at Morgan Stanley. I was an intern there. I tried to learn as much as I could early on. I would make the traders show up at 3:00 AM to teach me things, just so they could pretend not to know me for the rest of the working day.
In the shadow of the night, they’d teach me how to chart. They’d teach me what I should be looking out for in different aspects, in trading options and all the products that there are in the FX markets. Really understanding those dynamics gave me this huge understanding of how the macro ecosystem works. That’s what drives me to this day; it’s understanding the behavioral changes that we can see and how that translates into the flow of money. It was an obvious connector to how I got down in the crypto rabbit hole. It was personal, frankly. I was trading FX, at Morgan Stanley, covering a lot of the largest hedge funds and they were getting these great rates.
We were moving hundreds of millions, billions of dollars, with our two (bits). Rates that will make you go, “what?” if you’re a regular Joe on the street trying to trade your FX. I was in Hong Kong trying to move money back into the US and then, eventually, Morgan Stanley wanted to move me to London and I said, I have to move my money out of Hong Kong. And the rates were around 8% on a pegged currency and I had to pay HSBC this spread. And it was like a dagger to the heart. I looked into Bitcoin. I had a bunch of friends back in Hong Kong and a couple of them had made a wonderful career out of it. We were talking about crypto and how it would really work and what made sense. I kept my eye on that while I continued to work in London.
After a couple of the liquidity events you see in the FX markets, I thought that I needed to zoom out and get into this tech world a little bit more to understand more than money movement between the top bank accounts. I dug into what made sense to me and where my skill-set fitted. Ripple had an opportunity and I saw an under-appreciation for this asset, XRP. It was, to me at that time, the competitor of FX and Bitcoin. You have the speed, lower fees and scalability and that attracted me. And I decided that I wanted to build this out.
What it gave me was a wonderful opportunity to dive in with both feet into exchanges, market makers, custody agents, users, retail and institutional clients – you name it. Getting that full scope gave me a viewpoint that let me have a great position to then confront Binance about coming over to the US. I’m grateful for every experience I have. I won’t say it’s an easy route to get here, but it’s worth keeping after it. If anyone is trying to learn something, I continue to tell them to pursue it until they wear out.
Yeah, that makes a lot of sense. It’s good advice as well. Before we started, the other thing you noticed was this picture of Hong Kong behind me, which is a pretty funny story. I was in the FX world as well. And this is a picture that I somehow ended up with. It seems like there is a trend here, traders in Hong Kong that were in the FX space or the banking space somehow start an exchange. I talked with Arthur Hayes. He has a very similar story. Did you used to rub shoulders with Arthur Hayes before you both decided to start your exchanges?
Arthur Hayes and I were really good friends back in the day in Hong Kong; prior to us being anything in crypto. He was starting to dabble in crypto, or Bitcoin, right when I was winding up my time in Hong Kong. But prior to that, nope. We were just too crazy kids jumping off boats, having a good time, being a sell-side analyst and associates along the way. It’s good to stay friends with your colleagues from your past and people from your past. You never really know who’s going to turn around. Another funny one is that four of my interns at Morgan Stanley actually run Amber AI. The people I voted for to go from interns to analysts ended up running a large liquidity provider and they’ve just hired our former head of options to join them out of Canada. So, be nice to the people you work with.
Yeah, especially if they make the leap into crypto and they’re working on this idea.
Isn’t everyone going to make the leap to the crypto? It’s just a matter of time.
I think a lot of people will. With Arthur Hayes, I didn’t expect that. I thought it was a long shot, but that’s hilarious.
Oh no, good friends. I hope he vouches for me.
I’ll ask him if we ever have a round two. I’m sure we will. Diving into Binance now. What everyone is anticipating and what a lot of traders and investors want to hear about, you’re living it right now. This is probably a little bit crazy for you. What is phase two about? You’re in phase two right now. I know phase one was announced last week and Bitcoin, Bitcoin Cash, BNB, Litecoin, ETH, all the first seven assets were listed. Where are we right now in this process? Paint it so we understand what phase one was, what are we in right now and what’s next?
I hate to pull the Shrek line with the onions and multiple layers analogy, so I’ll keep it pretty simple. Phase one was just getting live, opening up registration and allowing users to start funneling in to see if we could begin this exchange and get liquidity up and running. Tomorrow, we’ll see how healthy our order books can be. I highly recommend people coming in early to get their deposits up and ready so we can have healthy markets out of the gates. Phase two is about being able to provide that variety in the market that is important. Having the platform and having an open user experience, that’s phase one, making sure we have that. And then phase two is being able to provide the variety to the market that they’ve quite demanded.
It’s something that we see a lot of the other groups shy away from early on, but something that’s been true to the Binance spirit of being able to let people choose what they really want to be trading. I see that as something that we can bring as a differentiator to the market. We’re able to see certain assets fit through our digital asset assessment, risk assessment framework, and filter through that to make sure we’re providing things in an upfront manner to the customers so they know what’s going to be able to be traded. But that’s something I’m excited about. We launched today. We have five more coins that are going to be open for deposits and they’ll start trading on Wednesday. We keep this kind of cadence going a little bit. We keep taking people’s input and keep the conversations going.
People will be listening to this tomorrow. I’m going to get this out as fast as I can. Are people able to trade right now? I’ve registered for an account. I’ve passed my basic verification, but what am I able to do? I’m able to deposit. And then when does trading actually kick off?
That’s my favorite criticism so far on Twitter. “The volume is lame on Binance US” and I’m like, you bet it is. We’re not live yet. 9:00 AM Eastern time on Tuesday. September 24th is when trading will go live. You’ll have live order books across seven pairs and then in dollars and USD T. That’ll allow us to get that first iteration out in the market, show the order books and get APIs up and running for people who want to be using those. And then on Wednesday, the 25th at 9:00 AM Eastern time, you’ll have the opening up of five more assets, which adds up to a total of 12 assets plus USD T and USD pairs. If you go through basic verification, you’ll be able to do crypto to crypto trading. If you go through advanced verification, you’ll be able to do crypto to crypto trading with a larger deposit/withdrawal amount. If you go through Fiat verification, you’ll be able to deposit dollars and withdraw dollars. It takes about 20 minutes to go through the full process. It takes about five minutes to go through the first two.
I was going to say it was quicker than that. It took me five or ten minutes and I’m not fast with the computer. I’m setting this up on the side and it took only five or ten minutes. So it was pretty easy.
It’s something I took from my experience back in 2017 when I was going through accounts set up and I would wait weeks trying to get into these exchanges. Something that we really took careful feedback in was making sure that it was easy to get on-board and we were able to filter through and make sure that our KYC process was adequate for the region we’re operating in.
You’re not the only big launch this week. Bakkt launched today. Was that part of the plan? What is this? Exchange launch week? Did you guys know this ahead of time? How did that work out? It’s so nice that it’s one day apart.
It is as though women-run exchanges must launch in the same week. I think so highly of Kelly and her team. I did not mean to steal their thunder at all. It just happened that the fastest we could get out to market was Tuesday. And we wanted to launch as soon as we could. We didn’t want to hold off, or for anyone to have to wait, when we were so excited to reveal what we’ve been working on and it has taken a while with my head down this summer. So, it’s the best time to launch, for us, and we’ll hope that everyone does well.
You mentioned, with the launch and the framework you’re using to add features or add tokens, that traders and investors are interested in it. You want to listen to feedback from the community and you got some of that feedback on the AMA. What is that framework? Are you going to make that public? I know Coinbase and other US exchanges made that framework public to say look, these are the types of variables we’ve been looking at, this is what it has to pass and then, based on that, we’ll give everyone a head’s up. What’s the framework right now for Binance? Is that going to be public?
Yeah, I think it’s going to be public. We’re writing up that piece in nanoseconds right now. The expectation for Binance US and the market is to continue that transparent story that we’ve seen from day one of NFcV’s goals. Being able to provide that framework for people just so they can get a sense of what is going on and they can self-filter is going to be helpful for the market because the people get a sense of what fits in the gray areas, what we’re comfortable with, and what doesn’t. The information that we get from regulators will factor into our framework and the our ability to have a repeatable standard of evaluating tokens or features consistently. This is really important for us to make sure that we’re looking at this with clear eyes.
One of the first things that popped into my head when we were going to set this up had to do with Coinbase and Gemini and what they’re offering. Coinbase specifically, they’re starting to add more tokens. They’ve added Civic and Bad and a lot of other tokens. A lot of the similar tokens that you guys are adding over at Binance US. Some of those tokens have performed terribly in terms of volume. And maybe that’s because it’s still a bear market for all or maybe that’s because there still isn’t a lot of new retail coming in as we had at the end of 2017 or early 2018. But, with Binance America, is the plan to add as many assets as you can or is it to stick with the majors and the core assets that do the majority of the volume?
Because whichever exchange, whichever company, can make that framework or that decision the most effective will win out. Right now, we’re seeing Coinbase experiment with some of them. There was $10,000 worth of volume on Civic. Why is that on the exchange? What’s your thought process there and what are your goals? I know that we won’t be able to list everything in America. But what’s the goal? Are you going to try to list as many as you can or keep it pretty narrow?
It’s as if the people demanded it and, in reality, it’s just the person who demanded it. So there’s not much trading going on there, but that one guy’s super happy for it. There’s a dilemma that I faced having a trading background and that’s one of wanting to maintain liquidity. I was trading onshore Asian currency pairs and I, at times, felt like I was the only person in the Indonesian market. I know how gaps in price and liquid markets aren’t necessarily the best but there’s a lot of margin in that. You can capture a decent amount in that trade which entices people to continue trading even if liquidity conditions are very poor.
We want to come out with a healthy market for people to be able to trade on the expectations of us, starting out, reaching that depth of market that hasn’t even seen crypto yet. There are some nuanced ways of approaching it that we can address to get in a little bit deeper for us to win over the existing crypto native folks. By now, they’ve already decided what they’re happy with on their trading platforms. Give us a shot. I’m not here to convince you to move your systems over – just flow where the liquidity goes. For us, the aspect of being a space where retail customers have found comfort in coming to Binance systems attracts the institutional glance.
We want a healthy balance. There will be a time where there are less returns for adding more tokens, but I do feel giving people a shot allows for an ability to find what makes it work for you in digital assets. Does one token get you in the door and you ultimately realize Bitcoin’s great? Or is it Bitcoin that got you in the door and you want to diversify and check other things out? Having those options is how we measure success. That’s really how the US should be treating these very, very early-on markets. This is just the beginning.
Yeah, I agree. I hope the US continues to, at least, have an open mind about it regulatory-wise.
Regulatory-wise and interest. The anecdotes of my own story coming into crypto have made people realize it’s not going away. How can someone with such an institutional background and active interest in pursuing certain things go down this path? I am revealing this to friends and family and saying, no, this is functional. It’s kind of entertaining, the discrepancy or dilemma between my sister and me. She works for one of the top banks in a very practical product. So we hedge our lives.
Not only hedging the investments, hedging your life. Life experience as well.
I told her she could have New York and I get the world and so far I’m working on it.
There you go. One of the things you brought up was the end-users’ choice to use Coinbase for their existing system, I pick on Coinbase a lot because they’re the US exchange that a lot of people know. I don’t want to pick on Coinbase at all. I like Coinbase. But the reason that I, and a lot of other traders, like Binance, before we get into Binance US, is because liquidity is King. A lot of traders understand that if they want to buy or sell Bitcoin or buy or sell another token, specifically other altcoins, you have to do it on Binance. And it’s almost become a meme in this industry of “will this token be listed on Binance?” Because that means it’ll probably be around for a while. It used to be Coinbase. Could this token ever get listed on Coinbase? That means that it’s going to be liquid. That means it’s not going anywhere. All those different things. With Binance US, what can people expect with that? I don’t think you’re going to share liquidity. I think that Binance US and Binance have to be separate. Can the trading interface be the same? How much of Binance US is going to be the same and how much will be different?
That’s a great question. A lot of people are confused at the expectation. Why do we keep saying Binance US? Why do I exist? There’s a lot of things that make them think it doesn’t add up. I run BAM training services, which is the local partner that gets to license the technology, the matching engine, the wallets system, and several other components of Binance.com for operating Binance US. We get to bring over a lot of familiar things and more as we go down our roadmap. The color scheme is rather similar. But we’ve adapted a couple of the aspects of it to cater to the US market while keeping a lot of the things that bring users to the core system the same.
You’ll notice the trading systems will look very similar, the layout of where your charts are, how to buy and sell and your market orders will all look very similar. Your APIs will be very similar. This gives comfort to existing traders that are familiar with how things work on the mechanics Y-side. The other aspects that we hope to bring over are ones that we’ve got to fight for ourselves. Liquidity. I hope that we will be just as strong of a liquidity source for all the points that we’re going to be able to list and allowing US dollars as an on-ramp. But that’s something we’ve got to fight for. We’re starting from scratch. People have given me the criticism of: ‘this is a brand new exchange, what gives?’
The question is the hustle. We’ve got the Binance risk appetite and spirit and a lot of horsepower behind us to get this thing up and running and help to make it trader friendly. I said in the AMA, this conversation is just beginning between me and the rest of the US. I take your feedback, I take your Twitter DMs and the amount of information we get from the market which allows us to cater something specifically for what people want to trade.
I’m curious, and we don’t have to go too deep into the regulatory stuff, partially because I’m not a lawyer and partially because it’s not interesting to a lot of people. It’s probably the least interesting space of crypto, even if it is the front lines. Why can’t Binance US just take from Binance’s liquidity? Is it because it has to be a completely separate operation or is it because it’s now more BAM-trading with Binance US slapped on the front? What’s the reasoning there?
We’re a very separate entity. We’re simply licensing software like you would see in another company licensing the software of another company; just with the ability to license the brand as well. That’s something that we’re able to hold over. For the regulatory aspect, one of the reasons I was excited about bringing BAM and Binance US into the fold was because we were able to be a clean slate coming into the US. Something that regulators would look forward to and they will be able to mold us and we will follow through with what they’re looking for as we build-out. All of our data is going to be fresh KYC information. If you think about the last time people probably filled out these forms or did selfies was a couple of years ago, if not 10 years ago. We’ve got fresh information for making sure that our users are active, real and existing. We’re able to roll out current state by state legislation.
You have got to figure it out. I was simply asking why Binance can’t pull out liquidity because I think that’s going to be one of the only big differences when people do switch over. But it’s going to be one of those things where you have to hustle and make your own market. The reason I wanted to ask that, it wasn’t just to trip you up on words and ask about regulation, which isn’t too fun and it’s a hairy topic to get into. It’s because you look at other exchanges that started in Asia like Huobi or Big C which popped up out of nowhere. But these exchanges that have tried to come to the US, focus specifically on the KYC and try to be an altcoin exchange in the US have failed. For example, look at Bittrex who used to do a ton of volume and now they’ve – I don’t want to pick on Bittrex either – but I’m just quoting the facts. No one trades on Bittrex. What’s your competitive advantage to come in here and make this work in the US? It’s a market that doesn’t do a lot of volume compared to the rest of the world.
We’re coming at a unique angle that has been tested multiple times by very similar operations with the expectation of a very successful global operation entering a very difficult US operation. That is my fight to win. The idea that we can bring core features to the market faster than others and the idea that we can provide lower hurdles for market entry, we’ve got free fees until November 1st and we’ll continue to encourage lower hurdles to entry for different types of users, should give an advantage. We’ll be able to address a different aspect of the market coming in with the angle of ‘I have a trading background’ and have been focused on that mindset versus a tech background or Silicon Valley understanding.
Or a very gray-haired wall street experience. I have enough years on my belt to be dangerous in that aspect, but not enough years to slow me down. It’s just a matter of us wanting to hit the pavement, try new things and iterate each time so that we can bring the adoption of crypto to a much larger audience. I see the ways that we can employ Binance US accounts in various ways. I was talking to a friend of mine and understanding how he takes payments for his personal business. Is this something that we could set up? Is this something that we can simply iterate on? He’s a great guy. He’s a mechanic in San Francisco and he works specifically on high-end cars.
He had a great 2017/2018 with everyone buying very nice vehicles and needing work on them. He had one car they sold for Bitcoin and they had to charge 20% because they didn’t know how to handle it. And I was like, well, that would’ve been 20% in your pocket because you would’ve had no trading fees on Binance US. I think about things in a unique way that I hope we’re able to iterate on and bring that constant effort to the market. Persistence has paid off for me in the past.
How long have you been thinking about these things? I talked to CZ and one of the rules with every single interview I have, whether or not it’s a hedge fund, is that sometimes we can’t talk about a specific strategy or sometimes they don’t want to solicit something. In my interview with CZ, we talked about whether or not he views Coinbase and Gemini as competitors? And he said, I don’t want to talk about the US, not because we couldn’t, but just because he wasn’t that interested. Binance’s strategy has been a regulatory arbitrage while not really playing the US market and moving around a lot. How long has this been in the works? Was he playing dumb and hiding this and how long have you been thinking about these things?
No, CZ was not playing dumb. And I’ve heard that from multiple people saying, ‘they told us they’d never come to the US’ but never say never. I believe, prior to Justin Bieber, someone else said it. I met CZ about a year ago in a great event which allowed me to interact with different exchanges, different market makers and I really hit it off with them and our conversations continued around just simple good relationships. They’d ask me if I knew someone and I’d say, “Oh yeah, I’m Mahjong buddies with them” or “I played botchy ball with them.” We were able to put connectivity around who we were hearing in the space and we were able to validate some of the players that people were trying to interact with. As this continued on, I sat there on my side while I was at Ripple, really frustrated with the infrastructure which allowed for access to XRP through US dollars, thinking how I can make this infrastructure better.
How can I better the trading experience for the current user, the next year user and the next 10 year users? I began to spin the idea in their head that I was really passionate about bringing their technology into the US. I was a huge fan of how they built it out, how they considered their users first and how they rolled out different features. That was something which made me say, okay, with your cutting edge technology, your spirit and network and the understanding that I have of the US market, let’s hit it off. And so we did. I joined in June and we’re launching in September. It’s been all hands on deck. All feet, hands, head, everything. I’ve never worked more 24 hour days in my life, but it’s purely out of passion. It trips me up when I look at the idea that anything that I can do to better our marketplace is something that can be another day of advancement. I’m pretty excited about where we’ve come from and how we’ve gotten here. It’s been about six months in the real formation phase and it’s now about to start walking.
That’s wild. What else did I ask CZ? It was margin, a few other things and all these ideas that people thought were a year away. I brought up margin. He was saying, maybe we’ll do that in a while and three months later it’s already launching. Everyone’s already talking about Binance futures. Binance definitely shifts very quickly. I was curious if this was actually hidden or if you guys really did just continue to shift this quickly.
I call it a Binance minute. The news hit and the reporters said that Binance US was set to launch in months. I had been given a couple of weeks of my expectation and they said, in November it will launch. And I was like, are we still on for September, mid-September? Has something changed? Nope, we can work really, really, really quickly. Partially because you’ve got really dedicated people and a system that doesn’t want to play by a nine to five rule. We’re a pretty dedicated bunch and it’s fun to find hungry people to join me on this journey. I’m excited to build out our team in San Francisco and continue with the story we’ve built so far.
You have a team in San Francisco. I’ve heard CZ talk about this. I didn’t speak with him about this, but I know that the team before this has been pretty decentralized as a company. A lot of people move around and CZ himself tends to be a nomad and move around. But now that Binance America is based in the US, you have an office in San Francisco, what is that like? Is Binance US going to be more traditional? Or is the team still pretty decentralized? How does that all work?
Something I wanted to keep as part of the spirit in the US was that decentralized nation. Binance had something like 400 people in 40 countries or something. It’s true. The way that they work and the way that the company functions is such that you do not need to be sitting across from a person in order to get something done. The accountability level is just there. If it’s not shipping, it’s because of something that you’re doing. People are present and always involved, which is really important. In the US, we’ll keep a spot here in San Francisco. It’s a beautiful place to work in a 24/7 market. It’s really relaxing when you need to unwind and then it’s really quiet at night so you can keep working. But there are other aspects. We’ve got people in DC as well, so we’re popping up where we see fit. But I do think some of our core businesses will stay put in certain areas. There is an element of freedom and I invite others to join me in challenging and encouraging.
One of the things, the less fun topic for Binance to talk about, is the security as a trader – and I’m sure that other people will also benefit from hearing you talk about it as well. The decentralized culture, and the fact that everyone is not in one office, leads to some security and vulnerability issues. A while ago, there was a Binance hack and we’re lucky the SAFU fund exists, so no client funds were lost. No one lost any money with that. You guys handled it very well. CZ handled it very well and was very transparent about it. How does Binance America deal with those issues? Does the SAFU fund cover them? I know Gemini has FTIC insurance. What does that look like for US investors when they’re considering, do I go with Gemini who’s insured? Do I look at Coinbase or is Binance covered by SAFU? What do you think about that?
That’s one of the features that has provided a huge amount of comfort for users and something they’ve really enjoyed. I am going to take those types of features when they bubble up to the top. So we are definitely opening up the same type of fund where the trading fees will be used to then protect customer funds. In that aspect, we hope to provide that same level of insurance people feel from .com. That’s something that is going to be adopted in Binance US and our model going forward. The extent to which we can get other forms of insurance and protection for our customers, we certainly will explore further. We’ll go down that path of being able to provide what we expect is market standard plus more. We certainly want to keep that in the front of our minds from a security element. That’s something that we certainly keep locked down. Data privacy is of huge importance for us and, as we go through with onboarding our first customers, we’re taking those procedures or have already put those procedures in place to cement and protect what we can work on.
That makes sense. From the company perspective, it’s not a fun question, but I have to ask it.
Take the best practices and make them better.
Let’s jump back into something that is a little more fun, especially for people that want to know what’s coming to Binance. We’re in phase two right now, which means trading kicks off tomorrow, as we said, but what’s next? I know there’s some features that we probably won’t get here. I can guess that margin won’t be added in the US, IEOs won’t be added in the US, but what can traders expect in phase three/phase four? How many phases are we going to get? What does it look like at Binance in the short term future? What are some of those exciting things that you’re getting ready to roll out?
Phase two, for us, it’s getting trading live and then being able to provide that variety to the market. And so we’ll be in phase two for quite a while, but that doesn’t stop us from getting phase three and phase four or five ready to go. If you just consider the variety and the addition of more tokens down the list, that’s how we’re viewing our next addition. A compliment to the market. The other aspects I see are some that are fundamental as we learn how the US is operating. One of the things that stands out is mobile applications. I feel like I’m going into battle with my arm tied behind my back, having only a desktop version for folks and I’m aware of it so I’m fighting twice as hard.
The app roll-out is certainly something in the works. I’m getting that ready for iOS and Android as well. Simply to be able to bring your trading experience with you on the go. I realize how mobile I am myself. It’s not always great to carry around your equipment with you wherever you go. Being able to take that on the go, allows people to have it in their hands. Something that’s just natural to how the US market works. It’s a huge mobile adoption. Nearly everyone is looking at things and clicking on things on their phones. We just need to take that into consideration and apply the other aspects that we see that are crucial to the market. A huge aspect I see is being able to not only forge forward but bring people with us.
One of the aspects that I really enjoyed about Ripple was the university block-chain research initiative that they’ve built out. Being able to take those courses and classes and help people learn more about crypto trading, get them comfortable with taking risks and get them understanding what it means to take risks. I think a lot of people, early on, got lucky and they put in nothing and got a ton out and expected that that’s how the world works and I welcome them to try the other side. The market owes us nothing, so we have to teach people the rules and the disciplines of the game. And that’s something that I want to be able to do. Realizing that we are beginning to see waves of generational involvement and that we need to remember to look back and go, okay, well who’s the 18-year-old that’s going to turn into the 30-year-old? We need to have them fluent in crypto.
I like those initiatives, especially the app. I think that’s lacking in crypto. Even desktop applications. I mean everything is still web-based. Even having a desktop application that works for Windows and works for Mac and obviously the mobile. That’s something that a lot of traders will be looking out for. I’m glad we got to learn about that. To wrap this up, thinking about risk, what’s one of the risks as you look out? I know you just launched so you have a lot of things going on. Looking at one, two, three, four and five years, what’s the biggest risk you see that that scares you, genuinely scares you for Binance US, and then what are you most excited about? Why are you doing this?
In your AMA, you answered with “I want to make crypto available to as many people as I can and, since I’m from the US, that’s making it available in our home market.” So what’s the biggest risk and also, why are you doing all this? What excites you about crypto looking out at that same time period?
One of the biggest risks, and it’s been the biggest risk my whole life, has been stagnation. That you are put in neutral and not going forward or not being able to accelerate is something that just scares the life out of me. Even on a beach, I am not the stagnant person.
I’ve built the sandcastle and I’ve learned how to sail. The idea of that momentum not going forward in digital assets, especially in the US, is something that frightens me. If we have this level of uncertainty that prevents growth and causes paralysis of activity, that’s something that can really damage us for the long haul. We need to take note of that idea, that stagnation. And if we aren’t creatively iterating on what we’re doing, we might just be siloing our conversations. Even the idea of crypto Twitter, do we need to evolve to TikTok? Do we need to evolve to different mediums? I’m constantly trying to think about what the next better form of communication or connectivity that we can work with because that will allow us to take risks and go down the path of accelerating this adoption.
So that people are settling their golf bets over Binance US and people are interacting with it in a more natural way that they forget that it’s actually part of their life. That’s one of the risks and the positive I hope to see. The real joy I get out of this is bringing financial literacy to a full group of Americans. There’s a huge problem of people not understanding what it takes to earn a dollar, what it takes to keep a dollar and what it takes to make a dollar. So, being able to bring a product that can transparently teach you why things are moving in ways and understand the simple dynamics of supply and demand that can allow you to take your own earnings into your control. I think it’s super empowering. It’s empowering man, woman, child, and dog – neutral. It is a force that everyone should be able to have and own themselves. It’s really up to them to decide how they can achieve what they spend it on, what they need to use it for. It’s all up to them, but knowing how it works is crucial to me.
I love it. Catherine, what are you going to do to take some time off? I know you’ve been flying. You have a lot of stuff going this week, getting away from the crypto stuff. How are you relaxing this week as we drop the podcast tomorrow? Are you doing anything besides podcasts, besides operational Binance launch stuff? How are you going to get away this week? A fun question to wrap it up.
I’m not filing for bank accounts or doing a lot of the hard work, so I’m enjoying the conversations. I think I’ve got a couple of conferences in the pipeline coming up. Human interaction will be a positive for me. It’s been pretty fun to be the only employee out of the gates and building that team up. Getting a little bit more interaction, live with the market, will be better than just hiding behind my screens. Other than that, what I do to unwind, I love a good long walk around Crissy field. So, if you see me in that same hoodie or the Binance US one, say hi. Don’t run after me, but say hi. I walk that strip quite a lot just to unwind and realize how beautiful the world is that we get to work in.
Nice. Good deal. Well, I imagine you’re going to have a lot of people wanting to say hi on every AMA. Hopefully not at the park, on your walks. I want you to have the free time.
I might start the AMAs on a walk. I haven’t seen activity interacting with tech since Pokemon go, so we might bring that out. Trading talks. Trading walks.
There you go. CZ’s found a ton of new ways to be transparent and interact. I imagine you’re going to do the exact same. So we’ll be looking out, I’m sure that a ton of people are listening to this right now are also going to be tuning in. Catherine, thank you so much for finding the time to do this. I can’t say how appreciative I am of your time. And I’m sure a lot of people learned about Binance as well. What can they do now? They can sign up. I’ll put a link right below this. You can sign up to Binance. Trading is live when this drops tomorrow and phase two and phase three and every other phase after that will be coming out on Twitter. I’m sure it will be.
Follow Binance America for your real time updates. CryptoColey will be a little slower to retweet those things. I’m working on multitasking in that aspect. But definitely sign up for your account, provide your feedback. Your input is oxygen to our tank. We’re able to really iterate and build what you want when you speak up.
Catherine, thank you so much. Every trader and investor, especially US based, that are wondering right now, are we even going to have an option as a lot of exchanges are closing their doors? Binance is giving you that option with Binance US. Link is right down below. Thank you everyone for listening and tuning in. Catherine, thank you for your tim