The new legislation could allow Binance US, the American branch of the Binance cryptocurrency exchange, to open its doors to all merchants in all states by next year.
According to a tweet from Binance’s US CEO Catherine Coley on September 15, the digital asset market right now leap in Georgia so users can buy, trade, and receive digital assets.
Excited @ BinanceUS starts today in Georgia – our 40th state!
– Catherine Coley (@cryptocoley) September 15, 2020
@BinanceUS starts with a lot of excitement today in Georgia, our 40th state!
Atlanta means a lot to me, a 1996 @ kerristrug96 fan obsessed with the Olympics. What can I say? We came from afar!
“We added our 40th state today, just a week before our first anniversary.” explained the official Binance account in the USA “Our goal is 100% coverage”.
The addition of Georgia along with yesterday’s announcement that Binance US would operate in Alabama means that the exchange can currently be used in all US states with the exception of Alaska, Connecticut, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont and Washington. According to the US Census Bureau, as of 2019, approximately 61 million people aged 18 and over are living in these states.
A recent announcement by an organization of government regulators This can make it easier for companies like Binance US to bypass licenses in those individual states and instead apply for the rest with a single exam. The Conference of State Banking Regulators has established guidelines for payment companies that already operate in 40 or more states so that they can obtain a single license to operate nationwide.
It’s unclear how long it would take for the company to get 100% coverage if it had to go the traditional route to obtain licenses. Binance US opened registration for US users with the exception of 13 states a year ago and has only added three states since then, which suggests that this may be slow. However, the addition of 40th status today means that if Binance US adopts the new guidelines in 2021, it will be allowed to legally function as a cryptocurrency exchange across the country.