The US-based Binance Crypto Exchange operator appointed the former Ripple executive as its new CEO which was announced on July 2.
BAM Trading Services (BAM), the operator of the Binance US has hired Catherine Coley, a former liquidity management expert at Ripple.
Coley served as Director of XRP Institutional Liquidity, her most recent position before Binance in the United States her experience includes experience in foreign exchange. Five years in the financial services company Morgan Stanley with one year in the commercial bank Silicon Valley Bank Binance, currently the largest encryption exchange per adjusted daily trading volume, has officially announced the launch of Binance US in partnership with BAM on June 13. After the launch, Binance subsequently restricted services to US-based customers, in the recently updated conditions of use of June 14.
On June 6, Binance confirmed reports that the exchange plans to launch its own stable soon.
Ripple is a major cryptocurrency company that backs XRP, the third largest currency by market capitalization to date. Recently, Ripple CEO Brad Garlinghouse declared that bitcoin (BTC) and XRP are not competitors, arguing that bitcoin is a store of value or “digital gold”. On the other hand, XRP provides an efficient solution to Fiduciary transfers.