SEC Senior Trial Attorney William Uptegrove stated that the regulator’s staff believes that Binance.US is operating an "unregistered securities exchange."

Binance.US Enables Web3 Identities for US Users

  • The Binance.US domain name is scheduled to go live in May.
  • Unstoppable Domain mints its domain names on Polygon.

Binance’s American affiliate, Binance.US, has teamed up with web3 domain name provider Unstoppable Domains to enable customized .BinanceUS addresses for US users. The new service will enable users to create “.BinanceUS” domains, which will provide them with easy to understand names for their wallet addresses. These domain names will also serve as a digital identity across all compatible Web3 platforms. 

As per an announcement, the new service is scheduled to go live in May. In addition, the Binance.US domain names are minted on the Polygon blockchain, allowing users to access the domain names without paying gas fees. Furthermore, Unstoppable Domains users will leverage the partnership to use Binance US to withdraw crypto to different Unstoppable Domains addresses.

According to Unstoppable Domains, the .BinanceUS domain names will only be offered through the exchange’s app. This will be the first time the Web3 domain name provider will provide clients with two-digit domain names like 14.BinanceUS or 23.BinanceUS.

Web3 domain names are decentralized and censorship-resistant since they are registered on a blockchain network. They make sending and receiving digital currencies easier since users can use a brief and understandable web3 domain name instead of a lengthy hexadecimal wallet address.

Domain names have grown in popularity over the last few months. Unstoppable Domains and Ethereum Name Service (ENS) are two of the leading domain names providers. Unstoppable Domain was founded in 2018 and is supported by investors such as Pantera Capital and Coinbase Ventures.

While ENS offers .eth domain names (such as vitalik.eth) and mints its domain names on the Ethereum blockchain, Unstoppable Domains uses Polygon. Polygon’s low fees mean Unstoppable Domains provide a cheaper alternative than its rival.

Lawrence Woriji Verified

Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.

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