Binance, the world’s largest cryptocurrency exchange by trading volume, is not currently allowed to operate in Washington state. The Washington state Department of Financial Institutions (DFI) issued a cease and desist order to Binance on July 14th, 2019.
The order stated that Binance was not registered as a money transmitter in the state of Washington, and that they were violating state law by operating without a license.
Binance has not applied for a money transmitter license in any US state. Binance CEO Changpeng Zhao has said that the exchange is not planning to apply for any US licenses at this time.
Zhao has also said that Binance will continue to serve US customers through its international platform, which is not subject to US regulation.
NOTE: It is important to note that the use of Binance in Washington State may be restricted by state law. As such, it is highly recommended that users check their local laws to ensure that they are not in violation of any regulations before engaging in any activities on Binance. Furthermore, users should be aware that any transactions involving virtual currencies may be subject to taxation and other reporting requirements.
The DFI’s cease and desist order against Binance is similar to orders that have been issued by regulators in other US states. In March 2018, the New York State Department of Financial Services (DFS) issued a cease and desist order to Binance’s US-based affiliate, Binance US.
The DFS order stated that Binance US was not licensed to operate in New York and was violating state law.
Binance is not currently licensed to operate in any US state. However, the exchange is still accessible to US customers through its international platform.
It is unclear if or when Binance will apply for licenses in any US states.
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