Customers in Louisiana may now buy, sell, and trade cryptocurrencies on Binance.US, three years after it was launched. Binance.US, the US subsidiary of the headquarter-less crypto exchange Binance, is currently available in 45 US states.
The crypto exchange platform’s services will continue to be unavailable to residents of Hawaii, Idaho, New York, Texas, and Vermont.
Sidney Majalya, chief risk officer of Binance.US said:
“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. 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.”
Wyoming was the most recent state to be withdrawn from Binance.US’ restricted list in March. The barriers to entry in the United States have been significant, with each state requiring distinct permits to be issued by various state authorities.
Binance.US had to secure a money transfer license from the Connecticut Department of Banking in Connecticut, where it commenced services in January. The company was required to get a vendor of payment instruments license from the Georgia Department of Banking and Finance in Georgia.
Binance originally prohibited US users in September 2019 and announced the launch of Binance.US through a cooperation with BAM Trading Services in response to increased regulatory limits.
“We’ve seen strong demand in Connecticut and elsewhere thus far in 2022. 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.”
Majalya and the company spokesman was unable to provide a timeline for when the other five states may be granted approval.
“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 that it can offer its services across all 50 states and territories,” stated Binance.US in a statement.
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