![]() The exchange, which is set to accept initial registrations on Wednesday, will prohibit customers in the following states as it works to ensure its platform is compliant across the US. Join us on Telegram and follow us on Google News. Binance says 13 states will be blocked from its new crypto exchange Binance.US. Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from Blockworks Research’s Daily Debrief.Ĭan’t wait? Get our news the fastest way possible. Subscribe to Blockworks’ free newsletter now. Get the day’s top crypto news and insights delivered to your email every evening. “The company currently operates in 45 jurisdictions across the United States and is working closely with the remaining state regulatory agencies to secure approvals, so it can offer its services across all 50 states and territories,” Binance.US said in a statement. Majalya and a spokesperson for Binance.US could not provide information about when the remaining five states might get approval. “While it’s too soon to make demand projections for Louisiana, we expect that our low fees and differentiated user experience will continue to attract loyal customers across the country.” “We’ve seen strong demand in Connecticut and elsewhere thus far in 2022,” Majalya said. A claims portal set up by Voyager also shows users the value of their assets the company filed for bankruptcy, July 5, 2022. Given that other US-based centralized exchanges have similar requirements, at least in recent years, demand for Binance.US remains strong, Majalya said. The rest of Voyager’s U.S.-based customers will need to provide personal details, like their email address, social security number, and date of birth, so a Binance US account can be created on their behalf. In Georgia, Binance.US had to secure a seller of payment instruments license from the Georgia Department of Banking and Finance.ĭue to increasing regulatory constraints, Binance first banned US customers in September 2019 and announced the creation of Binance.US through a partnership with BAM Trading Services.Ĭustomers in approved states had to complete more rigorous know your customer (KYC) rules to access Binance.US than Binance previously required, including having to upload photos of a valid ID and provide social security numbers. In Connecticut, where Binance.US launched services in January, the exchange needed to obtain a money transmission license from the Connecticut Department of Banking. The hurdles to launch across the US have been substantial, with each US state requiring different licenses to be issued by various state regulators. In March, Wyoming became the latest state to be removed from Binance.US’ restricted list. “We’re thrilled to offer our services in Louisiana, and like other states, look forward to working with state officials to demonstrate our compliance first mindset.” “Each state, including Louisiana, has a unique set of requirements, and we are working to ensure that we will ultimately be able to operate in all 50 states,” said Sidney Majalya, chief risk officer of Binance.US. Residents of Hawaii, Idaho, New York, Texas and Vermont will have to continue to wait to access Binance.US services. Three years after the founding of Binance.US, customers in Louisiana can now access the exchange to buy, sell and trade cryptocurrencies. Binance.US, the United States partner company of headquarter-less crypto exchange Binance, is now available in 45 US states. Subjects & Degrees Business, Management & MBA Degrees Healthcare, Behavioral Science & Nursing Degrees Teaching & Education Degrees Computer Science.
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