Binance US on track to launch in all 50 states by 2021
New legislation may make it possible for Binance US, the American branch of crypto exchange Binance, to open its doors to all traders in every state by next year.
According to a Sept. 15 tweet from Binance U.S. CEO Catherine Coley, the digital asset marketplace has just launched in Georgia, allowing users to buy, trade, and earn digital assets. ‘100% coverage is our goal,’ said Binance US.
The addition of Georgia coupled with yesterday’s announcement that Binance U.S. would be operating in Alabama means the exchange can currently be used in every U.S. state with the exception of Alaska, Connecticut, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont, and Washington. According to data from the U.S. Census Bureau, roughly 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 may make it easier for firms like Binance US to bypass licensing in these individual states, and instead apply for the remainder with a single exam. The Conference of State Bank Supervisors has set out guidelines for payments firms already doing business in 40 or more states to enable them to get a single license to operate throughout the country.
It’s unclear how long the company would take to gain 100% coverage if it needs to take the traditional route for licensing. Binance US opened registration to U.S. users one year ago excluding 13 states, and has since added only three states, suggesting it may be slow going. But the addition of the 40th state today means that if the new guidelines are adopted in 2021, then Binance US may be allowed to legally operate as a crypto exchange in US.