Binance, a major global crypto exchange, has recently made its services available to residents of North Carolina, doing so through its US arm: Binance US.
Gaining New States One By One
Registration for US users had been opened up by Binance US all the way back in September of 2019. However, this wasn’t across the entire US, as local laws kept Binance out of 13 US states.
Not to be discouraged, though, Binance worked towards acquiring these states as well, gaining four after the fact, North Carolina being one of them.
Catherin Coley stands as the CEO of Binance.US, and gave a statement about the matter at large. Coley stated that the Binance digital asset marketplace will now be up for use for the 10.5 million residents that call North Carolina home.
These residents, according to Coley, will now be capable of earning, buying, and trading cryptocurrencies in all the forms Binance.US offers.
Some Good Things Going For It
One of the key points of the state, from financial technology’s standpoint, is the Research Triangle Park. This park is a famous hotspot for high-tech development and research firms. Of these firms, Chainyard, a blockchain consulting firm, as well as Cisco Systems call Research Triangle Park its base of operations.
Coley stressed North Carolina’s involvement in evolving technology and the banking industry at large, highlighting its robust school system, as well.
With all of these factors working for it, Coley is convinced that the state is perfectly positioned to make a positive impact within the blockchain industry at large. She highlighted how North Carolina could build more companies boasting easy access to crypto.
Full US Expansion Seemingly Looming
With North Carolina under its fold, Binance.US boasts a total of 41 states that it is legally allowed to do business in. Something to make note of, however, is that Binance US is also available in some US territories, Puerto Rico being a prime example.
The Binance.US crypto exchange is sadly not available within the following states, at least not yet: Connecticut, Alaska, Idaho, Hawaii, Louisiana, Texas, New York, Washington, and Vermont.
The Binance.US announcement comes just as the US at large is making proposed regulations allowing for easier passage for crypto firms. With this in mind, firms like Binance.US could operate in every state of the US without the need of licensing everywhere.
The Conference of State Bank Supervisors made a statement back in September, hashing out various guidelines for payment firms that are already doing business in 40 states or more. This would allow the firm to gain a single license to allow for operation throughout the entire country.