Binance US, the American branch of the world’s largest cryptocurrency exchange, is not currently available to residents of New York. This is due to the state’s stringent licensing requirements for cryptocurrency exchanges.
Binance US is a relatively new exchange, having only launched in September of 2019. The exchange is available in most US states, with the exception of Alabama, Connecticut, Florida, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas and Washington.
The reason Binance US is not available in New York is because the state has what are called “BitLicense” requirements. In order to operate in New York, a cryptocurrency exchange must apply for and be granted a BitLicense from the New York State Department of Financial Services.
The BitLicense requirements are designed to protect consumers and prevent money laundering. They are among the most stringent in the country.
As such, they have been criticized by some in the crypto community as being too restrictive and preventing innovation.
Binance US has indicated that it is working on obtaining a BitLicense so that it can offer its services to residents of New York. In the meantime, residents of New York can use other exchanges that are available in the state.
While Binance US is not currently available in New York, the exchange is working on obtaining a BitLicense so that it can offer its services to residents of the state.