Binance, the world’s largest cryptocurrency exchange by trading volume, is not currently available to residents of California. However, this may change in the future as the company has expressed interest in expanding its operations to the state.
Binance was founded in 2017 and is headquartered in Malta. The exchange has grown rapidly in recent years, thanks in part to its aggressive expansion strategy.
Binance is currently available in over 180 countries and supports more than 30 fiat currencies.
The company has been exploring the possibility of expanding to California since 2019. In an interview with The Block, Binance CEO Changpeng Zhao said that the company is “definitely interested” in serving the state’s large population and economy.
However, Binance has yet to obtain the necessary licenses to operate in California. The state’s regulations around cryptocurrency exchanges are some of the most stringent in the US.
Binance would need to register as a money transmitter with the California Department of Business Oversight (DBO) before it could begin serving customers in the state.
The DBO has only granted licenses to a handful of cryptocurrency exchanges so far, and the process can take several months or even years. Given Binance’s aggressive expansion plans, it is likely that the company will eventually obtain a license to operate in California.
Until then, residents of the state will need to use other exchanges if they want to trade cryptocurrencies.