BinanceUS Starts Offering Crypto Services to Idaho Residents

The American arm of Binance Cryptocurrency Exchange, Binance.US, is now available to the residents of Idaho, making the company accessible in 46 states. Binance.US Can Now Operate in Idaho On Friday, Changpeng Zhao, the CEO of Binance Cryptocurrency Exchange attached an announcement from a publication saying that the platform has secured a license from the regulators of Idaho. https://t.co/hSHrrlFFdF gets Idaho license. Moving forward. https://t.co/pfDusDSuw2 — CZ 🔶 Binance (@cz_binance) June 3, 2022 States across the United States have different licensing requirements. For instance, Idaho specifically requires any crypto exchange to obtain a money transmitter license. This is the sole reason why the platform had to go through a long process to set up shop in Idaho. Additionally, license applicants must provide two years of financial statements, prove a minimum net worth of at least $50,000, and issue a surety bond to the Idaho Department of Finance of at least $10,000, among other requirements. In May, Idaho legislatures passed the Digital Assets Act, which classifies crypto as personal property and identifies rules and rights around purchase and possession. In the meantime, residents of Hawaii, New York, Texas, and Vermont will have to wait to access Binance.US services. However, a company spokesperson clarified this, saying: “The timelines vary for each state, but we are engaged in active and productive discussions with st...