Binance.US Sets End-of-year Deadline for Nationwide Availability

Binance.US is now available in Idaho, making the exchange accessible in 46 states

article-image

State Capitol in Boise, Idaho | Source: Shutterstock

share

key takeaways

  • States across the US vary in licensing requirements, which is why it has been such a lengthy process for Binance.US to set up shop
  • Idaho regulators had to reinterpret some rules on money transmission to issue crypto exchange licenses

Binance.US, the US arm of headquarter-less crypto exchange Binance, moved a step closer this week to becoming available country-wide. Three years after the exchange’s founding, Idaho residents can now access it to buy, sell and trade cryptocurrencies.

To make that happen, though, the Idaho Department of Finance had to take a closer look at its money transmission laws, said Jennifer Biretz, program manager of money-service businesses for the Securities Bureau at the Idaho Department of Finance. 

“Our [rules] are actually somewhat outdated and we’ve taken some positions to interpret modernization of what constitutes money transmission and the ins and outs of cryptocurrency,” she told Blockworks. 

States across the US have different licensing requirements, which is why it has been such a lengthy process for Binance.US to set up shop. 

Idaho specifically requires any crypto exchange that accepts fiat currencies in exchange for digital assets to obtain a money transmitter license. License applicants must provide two years of financial statements, prove a minimum net worth of at least $50,000 and issue a surety bond to the Idaho Department of Finance of at least $10,000, among other requirements. 

“For money transmitters, we’re looking for the experience of the company,” Biretz said. “All money transmitters are actually holding property, usually for third parties or future remittances, and we want to know about their financial experience and how they intend to operate as far as their business is concerned.” 

In May, Idaho legislatures passed the Digital Assets Act, which classifies crypto as personal property and identifies rules and rights around purchase and possession.

“[The Act] provides more basis for departments to have oversight and regulate those entities when it comes to ensuring that consumers are protected,” Biretz said. 

Residents of Hawaii, New York, Texas and Vermont will have to wait to access Binance.US services, but a company spokesperson said this might not be the case for much longer. 

“The 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-first mindset and secure the remaining licenses so we can provide our services in all 50 states by the end of the year.”

Binance.US is now available in 46 US states.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png

Research

Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.

/

article-image

Do Kwon may miss the start of the March 25 trial in the SEC’s case against the former executive and Terraform Labs

article-image

Riot Platforms bought 31,500 more mining machines while CleanSpark has begun operating in Mississippi

article-image

Dencun was activated on all testnets, a blog post Tuesday said

article-image

Hut 8 also announced it broke ground on a Texas mining site

article-image

Uniswap aims to become a “complete platform for swapping” following its latest product releases

article-image

Continued demand for bitcoin ETFs coupled with greater demand for bitcoin from exchanges is contributing to price moves, analysts say