Binance users on other platforms were able to trade Polkadot (DOT), except for those in US. However, this will not be for long because on 1 December, Binance US announced that it was preparing to list Polkadot. Just 20 hours ago, Binance US listed DOT and it is now trading live.
Binance US and Polkadot (DOT)
$DOT is a network that allows diverse blockchains to transfer assets and data securely. It was founded in 2016, and it supports not only tokens but also data and asset transfer. DOT is popular because it unites multiple blockchains.
Binance is legal in the United States, but it was first banned after regulatory violations. However, large investors and institutions came together and opened Binance US. The original Binance platform stopped accepting users in 2019 and partnered with a US-based version of its platform. Binance US is a Binance cryptocurrency trading platform registered with the United States Financial Crimes Enforcement Network and is designed to comply with all applicable US laws.
Binance US prepared to list DOT at 8.00 AM EST/5.00 AM PST, on 2 December. Right after the listing, traders are now able to trade DOT/USDT and DOT/USD pairs. As a Binance user in the US, you can now start depositing Polkadot in your wallet and trade it because Binance has enabled the withdrawals.
Unlike other exchanges that charge users, traders in the US will now be able to trade DOT freely and at no cost. Polkadot users and supporters are also excited about this listing.
Reasons Binance US Had Not Listed Dot.
There is no clear reason as to why Binance US did not list DOT at the time Binance did. The only valid reason is that Binance and Binance US are two different companies, one listing a token does not necessarily mean the other one will.
However, US citizens have been using VPNs to make DOT purchases. Another reason could be the regulatory rules in the US; speculations are the nation has to approve every cryptocurrency on Binance to avoid any violations.
The last reason is that the platform is newer than Binance. Therefore, it took time to create partnerships before listing the crypto coin.
Staking DOT in Binance US
If you are a user in the United States and would like to Stake Polkadot, the following are a set of procedures on how to stake DOT.
- Login to your Binance US application.
- Go to Staking on Binance.
- Select how many days you would like to stake your dot.
- Choose the amount you want to stake.
- Select Stake.
Other (New) Binance US Listings
Binance US has listed Polkadot and other crypto coins already listed on the regular Binance platform. These are the,
- Avalanche (AVAX)
- Axie Infinity (AXS)
- Shiba Inu (SHIB)
- Amp (AMP) and Ankr (ANKR) (Listed)
- AMP (AMP)
- SushiSwap (SUSHI)
- The Graph (GRT)
- Aave Protocol (AAVE)
- Horizen (ZEN)
- Orchid (OXT)
- PAX Gold (PAXG)
- Elrond (EGLD)
- Uniswap (UNI)
- Solana (SOL)
- Storj (STORJ)
- Band Protocol (BAND)
- Harmony (ONE)
- Maker (MKR) and Dai (DAI)
- Dai (DAI)
- Maker (MKR)
- Helium (HNT)
- Decentraland (MANA)
- VeThor Token (VTHO)
- Kyber Network (KNC)
- EOS (EOS)
Binance US listing new tokens such as Polkadot is a step in the right direction. US cryptocurrency traders can now use Binance to trade DOT freely.