Recently Binance.US, the US branch of the crypto exchange biggie officially announced on its website that it would be making its services available to the residents of Florida. In an official announcement, the exchange claimed that it is happy to welcome the residents to Binance.US to buy, trade, and earn digital assets including Bitcoin. The announcement also said that the exchange always looks at providing competitive fees to move USD into over 40 diverse cryptocurrencies almost immediately. Binance.US has also ascertained that the exchange is forward-looking and is eyeing several projects that can be listed on Binance.US provided they cater its Digital Asset Risk Assessment framework guidelines, receive positive community feedback, and have potential market demand.
The new development
The decision to increase their user base came in conjunction with what the exchange believes in – to bring financial confidence and to eliminate crypto illiteracy right from its roots which are restraining people to enter the markets with confidence. The announcement is accompanied by a ‘How-to-do’ guide enabling the new traders to get on with their trades as soon as possible.
As per the update on 24th August on its official site, the digital asset marketplace will now be allowing Floridians to trade. As this is written, Binance.US has not yet removed Florida from the list of states in which its services can be legally used. The list also includes Alabama, Texas, Vermont, and Washington, Connecticut, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina.
What does this bring?
This brings cheers to the residents out there making the addition of Florida the 38th eligible state for residents to trade on Binance.US ever since it first began account registration in the US in September 2019. CEP Catherine Coley also announced the expansion of the site’s services stating that,
“Florida woman brings the crypto marketplace to the home state.”
The services are also available in other U.S. territories like Puerto Rico where about 12.3 million people over the age of 18 reside.
Binance.US was launched in 2019 and was positioned as a digital asset marketplace with matching engine and wallet technologies licensed from the world’s largest cryptocurrency exchange Binance. The exchange is operated by BAM trading services in San Francisco and over this very little period, it has earned the reputation of being a fast, safe, and reliable platform to buy and sell cryptocurrencies in the country. Florida happened to be one of the 13 states which were not meant to be a part of its original plan. It pretty much avoided states where the licensure regulations required extraordinary and detailed vetting procedures. States with a high population like New York and Texas still remain unexplored for Binance.US. As of now, the plan is that more states will be added as their licenses keep getting cleared.