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Binance, the world’s largest crypto exchange by trading volume, has obtained an operating licence in Idaho, bringing its availability in the US to 46 states, according to Blockworks. Idaho’s Department of Finance had to reconsider some of its policies in order for the exchange to be licenced, according to the report.
Some of the state’s standards are antiquated, according to Jennifer Biretz, an official with the Idaho Department of Finance’s Securities Bureau, and the state has had to modernise its view of money transfer.
Money transmitters in Idaho previously had to present a two-year financial statement, as well as meet additional requirements such as posting a $10,000 surety bond with the Idaho Department of Finance and demonstrating a net worth of $50,000.
However, this seems to have been pushed aside, as Biretz stated,
“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.”
Three years after its founding, the company will be granted a licence to operate legally in Idaho.
Binance eyes all 50 US states
Binance’s long-term ambition, according to a spokesperson, is to be accessible in all 50 states in the United States. The firm’s goal, according to the representative, is to demonstrate its compliance-first approach and secure the remaining licenses by the end of the year so that it may provide services in all 50 states.
Changpeng Zhao, the parent company’s chief executive officer, also tweeted about the achievement. According to him, the company’s intentions are “moving forward.”
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.