Binance Adds North Carolina to its US Roster
A prominent global crypto exchange, Binance has recently added North Carolina to the list of places where it is offering its services, doing this via Binance US, its US arm. Back in September 2019, Binance US had opened registrations for users in the United States. However, this did not include all states of the US, as it was not able to offer its services in 13 states due to local laws. Nevertheless, Binance was not one to be discouraged and it continued working to offer its services in these states as well. Since then, it has added four more states to its list, one of which is North Carolina.
The chief executive of Binance US, Catherin Coley also made a statement about this matter. The CEO said that all of 10.5 million residents in North Carolina would be able to access the Binance digital asset marketplace. According to Coley, these residents will now be able to use the Binance US platform for buying, earning and trading cryptocurrencies. From the standpoint of financial technology, one of the key aspects of the state is the Research Triangle Park. It is a well-known hotspot for high-tech research and development firms. These firms include Cisco Systems, as well as blockchain consulting firm Chainyard, as they both have their base in Research Triangle Park.
Coley highlighted the involvement of North Carolina in evolving technology, along with the banking industry, and also talked about its robust school system. As there are so many favorable factors, Coley believes that North Carolina is perfectly positioned for making a positive impact in the blockchain industry on a whole. She went on to say that more companies could be built in North Carolina, which would be able to provide easy access to cryptocurrencies. After adding North Carolina to its roster, Binance US is now providing its services in a total of 41 states where it is legally allowed to operate.
However, something that should be noted is that Binance US is also available in a few US territories, one of which is Puerto Rico. There are also some states where Binance US is not available and these include Alaska, Louisiana, Vermont, Washington, New York, Texas, Hawaii, Idaho and Connecticut. The announcement by Binance US comes just as the United States on a whole, is coming up with proposed regulations that will allow easier passage for crypto firms. Keeping this in mind, it would become easier for companies like Binance US to operate in every state of the US and they wouldn’t need to be licensed everywhere.
Back in September, a statement was issued by the Conference of State Bank Supervisors, where they hashed out the different guidelines that have been decided for payment firms that are already operating in around 40 states or more. This would enable the firm to obtain just one license for offering its services throughout the country. Such measures would undoubtedly be beneficial for crypto companies because it will make it easier for them to operate.