Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is now available in Washington state. The Malta-based company announced the news in a blog post on Tuesday, revealing that its U.
S.-based platform is now live in the state.
The move comes just days after Binance launched its platform in Jersey, a British Crown dependency that is part of the European Union. The exchange is now available in a total of 14 states and territories across the U. and Europe.
Binance first announced its plans to enter the U.S.
market back in June 2019. The exchange launched its beta platform in September 2019, with full trading functionality rolling out in January 2020.
In order to comply with U.
regulations, Binance had to set up a separate entity, Binance US LLC, and partner with a regulated money service business (MSB). The MSB partner for Binance US is Simplex, a company that provides fraud-prevention and payment processing services for the cryptocurrency industry.
Binance US is available to residents of Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Puerto Rico Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Washington D.C.
The launch of Binance’s U.
-based platform in Washington state is significant because it’s one of the few states that have explicitly legalized cryptocurrency exchanges. Most states have either adopted a wait-and-see approach or have outright banned crypto exchanges.
Washington’s approach is notable because it provides clarity for both businesses and consumers. This clarity is important because it gives businesses the confidence to invest in the state and consumers the assurance that they can transact freely without fear of prosecution.
The launch of Binance US in Washington is also a positive development for the cryptocurrency industry as a whole. It shows that despite the challenges posed by regulations, there are still opportunities for exchanges to operate legally in the United States. And as more exchanges enter the market and competition increases, it will only be good for consumers who will benefit from lower fees and better customer service.