Binance, Exchanges

Can You Use Binance in NY?

Binance, one of the world’s largest cryptocurrency exchanges, has been inaccessible to New Yorkers since July 14th, 2019. The reason for this is that Binance is not registered with the New York State Department of Financial Services (NYSDFS), which regulates cryptocurrency businesses in the state.

This may come as a surprise to many, as Binance is available in most other US states. However, due to the stringent requirements set forth by the NYSDFS, Binance has so far been unable to obtain the necessary licensing.

The NYSDFS requires all cryptocurrency businesses operating in the state to have a “BitLicense”. This license is difficult and expensive to obtain, and requires businesses to meet a number of conditions including compliance with anti-money laundering lAWS, capital requirements, and consumer protection measures.

NOTE: WARNING: Binance is not available in the state of New York. Any attempt to use Binance within the state of New York is strictly forbidden and may be subject to penalties or other legal action.

So far, only a handful of companies have been able to obtain a BitLicense from the NYSDFS. These include major exchanges such as Coinbase and Gemini, as well as smaller startUPS such as bitFlyer USA.

Binance has been working towards obtaining a BitLicense, but has so far been unsuccessful. In the meantime, New Yorkers are still able to use the Binance website and mobile app, but are not able to trade or make deposits/withdrawals.

It is unclear when Binance will be able to obtain the necessary licensing from the NYSDFS. However, given the company’s track record of success in other jurisdictions, it is likely that they will eventually be able to obtain a BitLicense and resume full operations in New York.

2 Related Question Answers Found

Does Binance Work in NY?

Binance is a cryptocurrency exchange that allows for the trading of digital assets. Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control.

Can I Use Binance US in New York?

Binance US, the American arm of the world’s largest cryptocurrency exchange by volume, has finally launched. The long-awaited launch comes after months of anticipation and speculation, as the platform had first announced its intention to enter the US market back in June 2019. The launch is a major milestone not just for Binance, but for the cryptocurrency industry as a whole.
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