Binance.US Has Been Granted a License To Operate In Idaho
This week, Binance US, the US arm of the headquarter-less crypto exchange Binance, took a step closer to becoming available across the country. Idaho citizens can now buy, sell, and trade bitcoins three years after the exchange was founded. Various states have different licensing procedures, which is why setting up shop for Binance.US has taken so long.
A money transmitter license is required in Idaho for any crypto exchange that accepts fiat dollars in exchange for digital assets. Applicants must submit two years of financial statements, demonstrate a minimum net worth of $50,000, and post a $10,000 surety bond with the Idaho Department of Finance, among other criteria. The Digital Assets Act, which recognizes cryptocurrency as personal property and establishes restrictions and rights around purchase and possession, was passed by Idaho lawmakers in May.
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