There are few brands in the digital asset sector as trusted or widely used as Binance. As the largest cryptocurrency exchange by trading volume, the company has become one of the industry’s most prominent. Yet, with its issues launching in the United States, we answer, “Is Binance available in Texas?
Currently, due to the lack of regulatory clarity in America, Binance is unavailable in all states, including Texas. However, there is a United States arm of the exchange, Binance.US, that remains available. Conversely, is that platform available to American users? Let’s find out.
The Binance Texas Relationship
Currently, Binance is not available in Texas. Moreover, Binance.US has reported a list of unsupported states for its crypto exchange. Among those are Texas, Hawaii, New York, and Vermont.
Additionally, some have noted that Florida does not support the exchange’s use. Consequently, the decision not to support users in these states is due to various policy changes that have gone into effect in recent years.
The American arm of the crypto exchange was first established in 2019. Previously, the exchange had not operated within the region at all due to the lack of regulation that was available and the worry of operating in that kind of landscape. However, the arrival of its United States arm arrived without the presents of the states previously mentioned.
The original Binance.US was launched in partnership with BAM Trading Services. Specifically, as an answer to the ongoing regulatory concerns in the country, Moreover, customers who did use the service were subject to increasing Know Your Customer (KYC) protocols. These were more diligent than the exchange had featured previously. Including a required photo ID and social security numbers.
It was stated by the brand that the two companies are Binance and Binance.US, where there are two distinct organizations. Moreover, this would showcase that the former maintained its own assets that would not be transferred between the platforms. Thus, remand in compliance with SEC regulatory guidelines.
Although it launched in 2019, Binance.US is not available in all 50 states. Although that could change in the near future.
As we previously stated, Binance.US is available in 45 of the 50 American states. However, those do not include Hawaii, Idaho, New York, Texas, or Vermont. Among the listed supported states, one of the most recent was Wyoming.
The state began supporting the exchange in March 2022. Previously, Connecticut had formed to allow the use of Binance.US, after the exchange acquired a money transmission license from the state Department of Banking, Georgia needed a seller of money payments license from the state Department of Banking and Finance.
The crypto exchange and the Binance brand as a whole have seen an increase in regulatory scrutiny overall this year. Moreover, it has faced some inquiries into the overall activity of the Exchange founder, Changpeng Zhao.
Although the scrutiny has proven unfruitful to this point, it must be stated. The state of regulation following the collapse of FTX has left an agency with its guard up. Consequently, crypto exchanges seeking operation in the United States must comply with a rather spooked entity. An understandable response to the developments of 2022.
Will it Change for Texas?
What the previous examples do show us is that nothing is set in stone in the realm of regulation and exchange. Biancne is the largest cryptocurrency exchange by trading volume, and the trading platform could certainly see its arrival in the state of Texas.
A leading crypto exchange, Binance.US could eventually be the beneficiary of recent developments in the sector by the state. Specifically, Texas has recently led the way in terms of cryptocurrency adoption in the country. Just this year, the state introduced legislation to protect Bitcoin holders, miners, and developers.
However, for users hoping to open an account with one of the most popular exchanges in the world, it will be up to the Texas State Securities Board. Subsequently, the agency issued an emergency cease-and-desist order to the company that is using the Binance brand name.
Currently, users are able to bypass certain geo-restrictions with virtual private networks (VPN). VPNs allow users to bypass certain locational restrictions placed on them. Subsequently, they are able to deposit, trade, and buy digital assets on Binance. Moreover, VPNs are able to keep users safe and secure from government agencies and nefarious online actions.