- US states vary in license requirements, which is why it took so long for Binance.US to get set up
- Idaho regulators had to reinterpret some money transmission rules to issue crypto exchange licenses
Binance.US, the US arm of headquarterless crypto exchange Binance, moved closer to being available nationwide this week. Three years after the exchange was established, Idaho residents can now access it to buy, sell, and trade cryptocurrencies.
For that to happen, however, the Idaho Department of Finance had to take a closer look at its money transmission laws, said Jennifer Biretz, money service business program manager for the department’s Securities Bureau. of Idaho Finance.
“Our [rules] are actually somewhat outdated and we have taken some positions to interpret the modernization of what constitutes money transmission and the ins and outs of cryptocurrency,” she told Blockworks.
States in the United States have different license requirements, which is why the Binance.US setup process took so long.
Idaho specifically requires any crypto exchange that accepts fiat currencies in exchange for digital assets to obtain a money transfer license. License applicants must provide two years of financial statements, prove a minimum net worth of at least $50,000, and issue a bond of at least $10,000 to the Idaho Department of Finance, among other requirements.
“For money senders, we’re looking for business experience,” Biretz said. “All money senders actually hold property, usually for third parties or future remittances, and we want to know about their financial background and how they intend to operate with respect to their business.”
In May, Idaho legislatures passed the Digital Assets Act, which classifies crypto as personal property and identifies rules and rights for purchase and possession.
“[The Act] provides more basis for government departments to oversee and regulate these entities when it comes to ensuring consumer protection,” Biretz said.
Residents of Hawaii, New York, Texas and Vermont will have to wait to access Binance.US services, but a company spokesperson said that may not be the case for a long time.
“Timelines vary for each state, but we are engaged in active and productive discussions with state regulators,” the spokesperson said. “Our goal is to demonstrate our compliance-focused mindset and secure the remaining licenses so that we can provide our services in all 50 states by the end of the year.”
Binance.US is now available in 46 US states.
Get the day’s top crypto news and insights delivered to your inbox each evening. Subscribe to Blockworks’ free newsletter now.
We would like to give thanks to the writer of this short article for this outstanding web content
Binance.US Sets End-of-Year Deadline For Nationwide Availability
We have our social media pages here and other pages related to them here.https://metfabtech.com/related-pages/