Binance, the world’s largest cryptocurrency exchange by volume, is launching a U.S. division.

The Malta-based company said Thursday it is setting up Binance US, a new trading platform specifically targeting U.S. customers, in partnership with a firm called BAM Trading Services. The platform will be operated by BAM, while using Binance’s wallet and matching engine technologies.

The exchange did not provide a firm timeline for the launch.

The move would represent the first formal entry into the U.S. market by Binance, although residents have already been able to access its trading platform.

According to Bitwise Asset Management, Binance processed some $250 million in bitcoin spot transactions over the past 24 hours, while CoinMarketCap reports $1.7 billion in crypto transactions at the exchange overall.

In a statement, Binance CEO Changpeng Zhao said “we are excited to finally launch Binance US and bring the security, speed, and liquidity of Binance.com to North America,” adding:

“Binance US will be led by our local partner BAM and will serve the U.S. market in full regulatory compliance.”

Mystery partner

It is unclear who BAM Trading Services is. The company did register as a money services business with the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), with an address listed in San Francisco, California.

However, the registration document notes that “FinCEN does not verify information submitted by the MSB,” and the document “reflects only what was provided directly” to the regulator.

Under the terms of the MSB registration, the company has only registered to conduct business in California.

BAM Trading appears to be working with Koi Compliance, the “fully-managed solutions” wing of over-the-counter (OTC) crypto trader Koi Trading, since BAM’s mailing address on the FinCEN registration is c/o Koi. Binance Labs invested $3 million in Koi Trading on January 24.

In a press release, an unidentified “representative from BAM Trading Services” was quoted as saying “it is an honor to partner with Binance … leveraging its tier-one security and technology in tandem.”

“We are committed to providing a secure and compliant platform, and beginning the start of a fruitful alliance with Binance,” the unnamed representative said.

Binance logo via Shutterstock