Binance.US, the United States arm of the major cryptocurrency exchange Binance has opened its platform to the Florida residents. With this announcement, Florida becomes the 38th state to come under the Binance’s hood.
Eligible customers of the state will be able to register their accounts on the platform from 25 August.
On a welcome note, the exchange’s latest update stated,
While the company has grown to be one of the biggest names in Crypto space, there were 12 states where Binance. US was still unavailable. They were Alabama, Alaska, Connecticut, Georgia, Hawaii, Idaho, Louisiana, North Carolina, Texas, Vermont. In addition, Washington and the home of Wall Street – New York are yet to be explored by Binance primarily and were excluded due to the strict cryptocurrency regulations governing them.
With the latest inclusion, Binance has opened its doors to one of the most potential markets in the country giving access to more than 17 million people over the age of 18.
Catherine Coley, the CEO of Binance.US who grew up in Orlando, Florida, tweeted,
“Florida woman brings crypto marketplace to home state. Get ready for tomorrow, y’all!”
Since Binance opened its operations in the country in September 2019, the exchange platform services 38 states and Puerto Rico and was seeking licenses to service the rest of the United States.
Another state which has been quite restrictive in terms of crypto licensing was the state of Hawaii which led Coinbase to stop its services in the region.
However, the state’s regulatory sandbox called ‘Digital Currency Innovation Lab’ was approved by twelve crypto companies including ErisX and Gemini. This initiative between the Hawaii Department of Financial Institutions and Hawaii Technology Development Corporation [HTDC] allows the firms to apply for approval to operate in the state without obtaining a state money transmitter license for two years.
Will Hawaii be Binance.US next stop?