Crypto exchange CEX.IO today said it had expanded its reach into the US crypto market which currently amounts to coverage of 31 US jurisdictions.
Per the announcement, CEX.IO’s trading services are now available in 15 US states through regulatory licenses, while also operates in 16 states that do not require special licensing, with plans to expand to all 50 states.
The full list includes Alaska, Florida, Georgia, Iowa, Kansas, Maryland, New Hampshire, New Jersey, New Mexico, Oklahoma, Oregon, Rhode Island, South Dakota, Vermont, and West Virginia, Arkansas, California, Colorado, Indiana, Kentucky, Massachusetts, Michigan, Missouri, Montana, Mississippi, North Dakota, Pennsylvania, Utah, Virginia, Wisconsin, and Wyoming.
“Within less than a month, we’ve managed to collect MTLs in seven more states, and we’re not stopping here. The goal is to cover all 50 states and roll out new products uniquely tailored to each,” said Alexander Kravets, CEO of CEX.IO US.
CEX.IO secures more approvals
CEX.IO has been expanding its dedicated US offering with additional approvals in a bid to avoid uncertainty around its legality. For the US offshoot, the company has received Money Transmitter Licenses in nine states.
CEX.io had received a money service business (MSB) status with the Financial Crimes Enforcement Network (FinCEN) back in 2015, which allows a company to act as a money transmitter in the United States with the stringent independent annual audit. However, the service was restricted to residents in states where MTLs are not required.
The news follows similar moves by other cryptocurrency venues such as Huobi and Bittrex which launched a purely crypto trading service for the US. It also comes on the heels of Binance’s decision to launch a dedicated platform in the US through a partner entity dubbed BAM Trading Services, a FinCEN-registered company. But Binance goes a step further, setting aside American users from trading on Binance.com.
Oleksandr Lutskevych, CEO and founder of CEX.IO, commented: “We are thoroughly working in each and every market to apply for and receive all the necessary licenses, comply with AML requirements, establish partnerships with local payment processors and banks, and cooperate with regulators in order to drive crypto adoption.”
