Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is now live in Texas. The Malta-based firm announced the launch of its U.
S. platform on Tuesday.
The move comes after the exchange received a money transmitter license (MTL) from the Texas Department of Banking. The MTL allows Binance.
US to operate in Texas and provides it with “regulatory certainty” in the state, the firm said in a blog post.
Binance first revealed plans to enter the U.S.
market back in June 2019 with the launch of Binance US, a separate entity based in San Francisco. The exchange began beta testing last month and is now live with 14 trading pairs, including BTC/USD, ETH/USD, and XRP/USD.
The launch of Binance US comes as the crypto industry is facing increasing scrutiny from U.
regulators. Last week, the Securities and Exchange Commission (SEC) charged Ripple Labs with violating securities lAWS for selling unregistered digital assets, known as XRP tokens.
The SEC’s lAWSuit against Ripple is ongoing, but it has already had a ripple effect throughout the industry, with several exchanges delisting XRP and other Ripple products. Binance US is not currently offering XRP trading pairs on its platform.
In its blog post, Binance said it is “committed to complying with all applicable lAWS and regulations in each jurisdiction” where it operates. The exchange also noted that it has implemented “extensive KYC/AML processes” for all users on its platform.
Binance US is currently only available to residents of select states, including Texas. The exchange plans to roll out nationwide later this year.