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The new legislation could allow Binance US, the American branch of the cryptocurrency exchange Binance, to open its doors to all traders in every state within the next year.
According to a September 15 tweet from Binance USA CEO Catherine Coley, the digital asset market has only launched in Georgia, enabling users to purchase, trade and earn digital assets.
Enthusiastic @BinanceUS launches today in Georgia – our 40th state!
Atlanta means so much to me, a 1996 @ kerristrug96 Olympics-obsessed fangirl. What can I say, we’ve come a long way! pic.twitter.com/F54GibkiKT
– Catherine Coley (@cryptocoley) September 15, 2020
“We added our 40th status today just one week before our one year anniversary”, declared the official Binance US account. “Our goal is 100% coverage.”
The addition of Georgia along with yesterday’s announcement that Binance US will operate in Alabama means the exchange can currently be used in every state in the United States except Alaska, Connecticut, Hawaii, Idaho, Louisiana, New York, North Carolina. , Texas, Vermont and Washington. According to data from the US Census Bureau, approximately 61 million people over the age of 18 reside in those states as of 2019.
However, a recent announcement from an organization of state regulators could make it easier for companies like Binance US to circumvent licenses in these individual states and instead apply for the rest with a single exam. The Conference of State Bank Supervisors has established guidelines for payment companies already operating in 40 or more states to allow them to obtain a single license to operate across the country.
It is unclear how long it would take the company to achieve 100% coverage if it were to take the traditional licensing route. Binance US opened registration to US users a year ago excluding 13 states, and has only added three states since then, suggesting it may be slow. But the addition of the 40th state today means that if the new guidelines are adopted in 2021, Binance US could be allowed to legally operate as a nationwide cryptocurrency exchange.
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