Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has been inaccessible to users in New York since early 2019. The reason? Binance is not licensed to operate in the state.
The New York State Department of Financial Services (NYDFS) requires crypto exchanges doing business in the state to obtain a “BitLicense” – a special type of business license that subject companies to strict anti-money laundering (AML) and know-your-customer (KYC) requirements.
Binance has applied for a BitLicense, but has yet to receive approval from NYDFS. In the meantime, the exchange has been blocked by internet service providers in the state.
The NYDFS has only granted a handful of BitLicenses since the application process was opened in 2015. The process is notoriously lengthy and difficult, with many companies waiting years for approval.
NOTE: WARNING: It is illegal to use Binance US in New York. Binance US is not licensed or approved by the New York State Department of Financial Services, and any attempt to use it in New York may result in civil or criminal penalties.
Binance is not the only crypto exchange to be blocked in New York. Kraken, another major exchange, also does not have a BitLicense and is not accessible in the state.
The NYDFS has said that it is committed to working with exchanges to help them comply with its regulations. However, the agency has also shown that it is willing to take enforcement action against those who flout its rules.
In 2018, the NYDFS fined BTC-e, a now-defunct crypto exchange, $300 million for operating without a license and violating anti-money laundering lAWS.
The NYDFS’s tough stance on regulation has made it difficult for many exchanges to do business in the state. However, some believe that this is necessary to protect consumers and prevent crime.
The bottom line is that Binance cannot operate in New York until it obtains a BitLicense from the NYDFS. The process of applying for and obtaining this license is lengthy and difficult, so it may be some time before Binance is accessible again in the state.
10 Related Question Answers Found
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is not available to residents of New York. The reason for this is that Binance is not licensed by the New York State Department of Financial Services (NYDFS), which regulates cryptocurrency businesses in the state. Binance is headquartered in Malta, a European Union member country that has more favorable regulations for cryptocurrency businesses.
It is no secret that Binance, one of the world’s largest cryptocurrency exchanges, has been trying to establish a presence in the United States for quite some time now. However, the process has been far from smooth sailing. The company has faced a number of hurdles, the most recent of which is a lAWSuit filed by the New York Attorney General’s office.
Binance, the world’s largest cryptocurrency exchange by trading volume, is not currently available to users in New York. This is due to the fact that Binance is not licensed by the New York State Department of Financial Services (DFS), which regulates cryptocurrency exchanges in the state. Binance first launched in China in July 2017, but later relocated its headquarters to Japan following a crackdown on cryptocurrencies by the Chinese government.
Binance, the world’s largest cryptocurrency exchange by trading volume, is not currently accessible to users in the United States. The reason for this is unclear, but it may be due to regulatory reasons. This is unfortunate for U.S.
Binance US, the American division of the world’s largest cryptocurrency exchange, has been live for over a month now. The platform is still in its beta phase and is currently only available to select states. Despite this, Binance US has managed to garner a lot of attention from the crypto community.
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is not currently available to users in the United States. The platform has been a go-to destination for digital asset traders since its launch in 2017, but its lack of availability in the U. S.
It can be frustrating when you want to withdraw your money from Binance US, but you can’t. There are a few reasons why this might be the case. First, it’s important to remember that Binance US is still a relatively new exchange.
As of late, there have been issues with users trying to withdraw their money from Binance US. There are a few reasons as to why this might be happening. One possibility is that there is an issue with the bank that Binance US uses.
If you’re having trouble logging into Binance, there are a few things you can check. First, make sure that you’re using the correct email address and password. If you’ve forgotten your password, you can reset it by clicking the “Forgot Password” link on the login page.
Binance is one of the most popular cryptocurrency exchanges in the world, and it offers a variety of features and services that make it attractive to users. One of the most popular features on Binance is the ability to trade a variety of different cryptocurrencies. However, Binance does not allow users to withdraw their funds directly to their bank account.
