New regulations might make it possible for Binance US, the branch Binance exchange, to open its doors to all traders in every state in the upcoming few years.
In line with a recent official tweet from Binance U.S. CEO Catherine Coley, the virtual asset marketplace has just launched in Georgia, permitting users to shop, trade, and earn digital assets.
“We added our 40th state today just every week shy of our 1-year anniversary,” added the official Binance US account. “100% coverage is our goal.”
Additionally, Georgia added with yesterday’s announcement that Binance U.S. would be operating in Alabama means the exchange can presently be utilized in every United States with the exception of Alaska, Connecticut, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont as well as Washington. Consistent with data from the U.S. Bureau of the Census, roughly around 61 Mln people over the age of 18 reside in those states as of 2019.
However, a recent official report from an organization of state regulators may make it easier for firms like Binance US to bypass licensing in these individual states and instead apply for the rest with one exam. The Conference of State Bank Supervisors has begun guidelines for payments firms already doing business in 40 or more states to permit them to get one license to work throughout the country.
It’s however unclear how long the firm would take gain 100% coverage if it requires to take the traditional route for licensing. Binance US opened registration to United States users one year ago excluding 13 states and has since added only three states, suggesting it might be slow going. But the addition of the 40th state today means if the new guidelines are adopted in 2021, then Binance US might additionally be allowed to legally operate as a cryptocurrency exchange globally