Binance.US Expands Into Florida, Eyeing Millions of Potential New Traders
Florida's financial regulators granted Binance.US a money transmitters license in July.
Aug 25, 2020 at 12:17 a.m. UTCUpdated Aug 19, 2021 at 3:52 a.m. UTC
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Binance’s U.S. affiliate has taken Florida off its cryptocurrency trading “no-fly list” and on Monday opened for business in the Sunshine State.
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- The expansion into America's third-most populous state follows Binance.US’s July procurement of a Floridian money transmitter license under the name “BAM TRADING SERVICES INC.”
- Florida was one of the 13 states not included in Binance.US’s original game plan. When the exchange launched in 37 states last September, Binance.US avoided states whose licensure regimes required additional vetting.
- Binance.US chief Catherine Coley, who grew up in Orlando, told CoinDesk the two-year Florida license grants her exchange access to what is now its second-largest potential market: 12 million eligible traders.
- “We’re well aware that not every single person above the age of 18 is going to download Binance.US tomorrow, but it is a huge population that is ripe for understanding how digital assets work,” she said.
- Heavily populated states such as New York and Texas are still out of bounds for Binance.US. Coley said more states will be added as their respective money transmitter licenses clear.
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