Binance US Has Been Granted A License To Operate In Idaho

Binance, the world’s largest crypto exchange by trading volume, has obtained an operating license in Idaho, bringing its availability in the US to 46 states. Idaho’s Department of Finance had to reconsider some of its policies in order for the exchange to be licensed.

Jennifer Biretz, an executive of the Securities Bureau at the Idaho Department of Finance, reportedly said that some of the state’s rules are outdated, and it has had to modernize its interpretation of money transmission.

Previously, money transmitters in Idaho had to provide a financial statement of up to two years, alongside other conditions like issuing a surety bond to the Idaho Department of Finance of at least $10,000 plus proving that it has a net worth of over $50,000.

This appears to have taken the back burner, as 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.

The license for the company to operate legally in Idaho is coming three years after it was founded. 

Binance is aiming for all 50 states in the United States

Binance’s long-term ambition, according to CZ, is to be available in all 50 states in the United States.

It’s worth noting, though, that making the platform available across the country will be a challenge due to the fact that different jurisdictions have distinct regulatory needs.

Binance has been obliged to increase its regulatory compliance efforts as a result of its numerous regulatory concerns around the world. Many of these agencies are now sanctioning the exchange’s operation inside their jurisdiction, so the exchange is already reaping the benefits.

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