Gate.io’s United States subsidiary, Gate US, announced on Monday that it had received multiple state licenses, thus gaining permission to operate a crypto exchange in a larger part of the country.

Gate.io Gains Key US Licenses, Launching New Services

“Gate US is committed to regulatory compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term. In alignment with such commitments, Gate US has proactively registered as a money services business with FinCEN and obtained some money transmission licenses or similar to operate, and is currently working to obtain more,” said Dr Lin Han, the Founder and President of Gate US and Gate Group.

Gate US, Inc. was launched in March 2022 as a digital asset marketplace solely for US users. Despite obtaining the licenses, the local cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f Read this Term is yet to launch its services in the United States. It still needs to provide a timeline for an expected launch.

The terms of use of Gate US further highlighted that its services would not be available for US residents in the state of New York, Hawaii, and Puerto Rico.

“Gate US may not be available in your state yet, but we’re working as quickly as possible to acquire the necessary licenses to operate nationwide. Please check back soon to see if we are operating in your state,” the official website of Gate US states. “You are strictly prohibited from using Gate US if you are located in any prohibited jurisdiction.”

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Several Gate.io customers from the United States and Canada complained earlier this year that the crypto exchange closed their accounts. Indeed, its terms of service mention that users from the United States of America, Mainland China, Canada, Singapore, Malaysia, Malta, Cuba, Iran, North Korea, Sudan, Syria, Crimea region, and Bolivia are prohibited on the platform. In addition, it has restricted its services in several other jurisdictions.

Gate.io Eyes Global Expansion

Meanwhile, Gate.io is expanding its international presence in other parts of the world by obtaining regulatory permission. Earlier in September, it acquired a Virtual Asset Service Provider (VASP) registration in Lithuania and recently entered Turkey with a local exchange. On top of that, it has received licenses for Malta and Dubai.

Moreover, the crypto exchange group expanded its services outside retail by launching an institutional arm earlier in May. The entity facilitates services to market makers and brokers.