Binance.US Gets Idaho License, Targets Other States


The United States arm of the largest crypto exchange by trading volume, Binance, has secured an operating license in Idaho, pushing its availability in the country to 46 states, Blockworks reported.

According to the report, Idaho’s Department of Finance had to review some of its regulations to make the licensing happen for the exchange.

Jennifer Biretz, an executive of the Securities Bureau at the Idaho Department of Finance, reportedly said that some of the state’s rules are outdated, and it has had to modernize its interpretation of money transmission.

Previously, money transmitters in Idaho had to provide a financial statement of up to two years, alongside other conditions like issuing a surety bond to the Idaho Department of Finance of at least $10,000 plus proving that it has a net worth of over $50,000.

This appears to have taken the back burner, as Biretz said

All money transmitters are actually holding property, usually for third parties or future remittances, and we want to know about their financial experience and how they intend to operate as far as their business is concerned.

The license for the company to operate legally in Idaho is coming three years after it was founded.

Binance Target all 50 U.S States

A spokesperson for Binance revealed that the firm’s long-term goal is to be available in all 50 states in the United States.

The spokesperson reportedly said,

Our goal is to demonstrate our compliance-first mindset and secure the remaining licenses so we can provide our services in all 50 states by the end of the year.

The chief executive officer of the parent company, Changpeng Zhao, also tweeted about the milestone. According to him, the company is “moving forward” with its plans.

However, it is important to note that the process of making the platform available throughout the country will not be entirely straightforward because different states have different regulatory requirements.

Binance has been forced to up its regulatory compliance measures after its many issues with regulators globally. The exchange is already reaping the rewards as many of these regulators are now approving of its operation within their jurisdiction.