Only four states remain for the crypto exchange to expand, but this may not be the case for very long according to a company spokesperson.
Rapid Expansion Across US
Binance, the largest cryptocurrency exchange globally, is on track to reach its goal of acquiring a license in all 50 US states by the end of 2022.
Binance went one step further, recently making it possible for Idaho residents to use its exchange to buy, sell, and trade cryptocurrencies. As a result of the recent development, Binance.US is now available in 46 of the 50 states. As reported by Casey Wagner from Blockworks on June 3, the states of Hawaii, New York, Texas, and Vermont have to wait for Binance.US‘s services, but as per a company spokesperson, this may not be the case for very long.
“The timelines vary for each state, but we are engaged in active and productive discussions with state regulators,” the spokesperson expresses. “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.”
In order to expand its operations in the United States, Binance.US has raised an additional $200 million in April at a valuation of $4.5 billion with participation from investors such as RRE Ventures, Foundation Capital, and Original Capital. During that period, Binance.US had launched in Connecticut and Louisiana, bringing the number of states and territories supported to 45 and 8, respectively. The company plans to use the funds to develop new products and services to be announced soon and invest in marketing and consumer education initiatives.
Hiring Talent to Become More Compliant
As part of its commitment to best-in-class compliance, the company has also received money transmitter licenses in West Virginia, Wyoming, and Rhode Island. Launched in 2019, Binance.US offers advanced user interfaces and innovative trading features that can process 1.4 million orders per second while maintaining strict compliance and security measures. There are currently more than 85 tokens and 190 trading pairs available on Binance.US.
Additionally, Binance.US appointed Mr. Shroder as CEO in October 2021 and added a number of new senior hires to its staff, including Sidney Majalya as Chief Risk Officer, Norman Reed as General Counsel, Tammy Weinrib as Chief Compliance Officer, and Carol Mackinlay as Chief People Officer. The company continues to hire talent across its organization and in its legal and risk departments to become the most compliant exchange and marketplace in the United States.
In addition to hiring and implementing self-help and automation capabilities, the Company has actively invested in customer service and technology to create a seamless user experience. This has simplified and accelerated its institutional onboarding process as well as reduced the average onboarding time customer wait time by 90%.
What is Binance:
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Where to find Binance:
Source : bsc.news
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