Binance Launches Crypto Trading Services In Alaska

Binance Launches Crypto Trading Services In Alaska

With the recent expansion in the U.S. and due to local policy regulations, limitations were experienced by some U.S. states when U.S Binance started its operation in the country. A few states like Alabama, Georgia, etc., were licensed to trade with the company. However, the leading cryptocurrency exchange has now confirmed that users in Alaska can now trade their cryptocurrencies.

Binance(U.S.) intends to serve all 50 states in the country before the second quarter of next year, raising the bar of cryptocurrency exchange and services in the country. Reportedly in July 2019, Binance asked its U.S. customers to leave if they refused to show evidence that they had not violated the site’s terms of service and further stressed that they might lose access to the trading deposit function if compliance was not met.

Binance.US to provide Americans to crypto trading services

Binance, founded in 2017 by a developer named Changpeng Zhao, is the world’s leading blockchain and cryptocurrency infrastructure, provider. The company aims to create a financial product suite that includes the largest digital asset exchange by volume.

Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for its users. Its U.S. platform, which launched in the same year (binance.us), is America’s home to trade, buy, and earn cryptocurrencies. It also does not require its users to use an FBAR(Foreign Bank Account Report) as compared to Binance.

The new development by Binance in the U.S. will allow Alaska, alongside the other 43 licensed states register with the exchange to buy and sell cryptocurrencies. In September, the U.S. exchange company had announced that it had gotten a license for two states- Alabama and Georgia and continue to create support for the other states.

However, it is shocking to note that states such as New York, alongside Washington, Idaho, Texas, and a few other states are yet to be licensed to trade on the exchange company until at least 2021, according to US Binance.

Binance threatens sanction on U.S. users who uses its main platform

The parent exchange company, Binance, this week threatened a hard deadline to ward U.S. users off its original platform. The Binance US is the exchange legally opened to at least most U.S. users to trade, but Binance had observed that U.S. citizens were illegally trading on the platform using VPN bypass. Binance sent a mail to these illegal traders urging them to withdraw their assets within 2weeks or face forfeiture.

This same development occurred in July 2019 when Binance announced that it would stop serving U.S. citizens from September that year and issued a 90-days warning to enable them to stop. Binance has urged its U.S. customers to utilize the Binance U.S platform as an alternative.

Analysts believe that some U.S. states’ restrictions might be responsible for the illegal use of Binance by these citizens and urges U.S Binance to fast track licenses for the other states, especially commercial states like New York and Washington.

David Pražák