When Binance U.S. was first revealed, one of the most important factors which stood out was that it would be regulatory compliant. Where the exchange has complied with the rules and has a firm standing within the nation, it needs to establish its presence in all the states.
At press time, the exchange isn’t supported in 12 states of the country. Catherine Coley, the CEO of Binance U.S., took this into consideration and opined on the state of regulations within the nation. Coley, lamenting about unable to provide services to the existing network, said that the “great aspect” is to get the exchange to operate in 37 states in the US.
A former Ripple executive went on saying that one of the most common queries is also associated with providing services in a particular US state. She also added that the exchange is undergoing a process of the money transmission licenses.
“When we realize that our peers in the industry have had seven years advantage of getting these licenses in place before they’re able to operate, we’re definitely playing catch-up in that aspect, and people need to realize that it is a long process to go through but one that we’re really excited about doing […]”
She went on commenting that it’s excellent that regulators can ultimately understand cryptocurrency-businesses and see them with ‘little less scepticism’ in the form of lucrative and productive businesses.
“The state regulators, this isn’t the first time they see our business plan it’s a common practice by now for them to be able to look at these businesses, know the risks, ask the right questions, understand what standards we need to be holding and what value we’re really adding to their state.”
Coley, on being asked whether the exchange had a plan to “counteract a few of the headwinds,” responded that “there’s no better than the present. She also added that the team has about 10 years of learning of how the crypto exchanges and marketplaces in the US operate.
“So for us to be able to come in and understand what has worked already […] one of the big components of Binance US is that we really are listening and building for our users here in the US […] we’re really here to lower those barriers to entry to really include more people into this digital era rather than exclude them or complicate the process anymore.”