The lack of BitLicenses being given out isnt necessarily to prevent New York from becoming the cryptocurrency hub it was once projected to be. Blockchain enthusiast, project management specialist, writer and crypto investor. "We are . To summarize, we can explain why is Binance not available in New York by the fact that its American branch Binance.US doesnt want to acquire a BitLicense in the state. After the nationwide initiation, Binance US unavailable in thirteen (13) major states of the United States of America (US) that include Washington and New York. Want the latest news on Blockchain & CryptoSubscribe to the @egorithms Telegram, Your email address will not be published. That applies to individuals as well, meaning you need the license if youre holding crypto for other people or youre trading as a consumer business. Binance is a better match for those who are conversant with cryptocurrency terminology and investment opportunities, while Coinbase is designed for simple trading. (Bloomberg) -- US Senators representing both Democrats and Republicans are demanding that Binance and Binance.US provide a detailed accounting of their finances and efforts to maintain regulatory compliance, according to a letter signed by Senators Elizabeth Warren, Chris Van Hollen and Roger Marshall. Create an account to follow your favorite communities and start taking part in conversations. If you want to protect your connection while trading cryptocurrency, ExpressVPN is the best VPN for Binance, since it always guarantees secure, anonymous access to the site. Still need help? This is due to the fact that Binance has not yet applied for a BitLicense, which is required for any business dealing in digital currencies in the state of New York. Unfortunately, a lot of misinformation has been spread about our company and we look forward to correcting the record, Binance said in a statement to Bloomberg. Some exchanges choose to just ban users from that state, Wright explains, though the BitLicense laws broad language makes it difficult to enforce in the wake of cryptocurrencys explosion. Binance.US isn't available in Hawaii, New York, Texas and Vermont. Wall Street and big NY banks can't stand people making money outside of dealing with them and their shady practices. Binance isn't available in New York at the time of this answer 1 Diaz Warren 1 y Binance is a cryptocurrency exchange, and cryptocurrencies are not freely convertible into other currencies. Binance issued a warning to its users after the Shiba Inu listing, reminding investors that the meme token is a highly speculative asset: "Shib is a relatively new token that poses a higher than normal risk, and as such will be likely subject to high price volatility after the Binance listing." If you find that your email service provider is pushing Binance emails into your spam folder, you can mark them as "safe" by whitelisting Binance's email addresses. You can refer to How to Whitelist Binance Emails to set it up. Powered and implemented by Interactive Data Managed Solutions. Crypto exchange Binance this week sent emailsto all US customers it suspects of using the Binance.com exchange, warning them that they had two weeks to leave the platform until it locked them out of their funds. I use exodus for my wallet. Probably, but we cant be certain. Paxos Trust Company, which issues Binance USD, said on Feb. 13 that the U.S. Securities and Exchange Commission had told the company it should have registered the product as a security and is considering . So far, it doesnt appear the department has enforced the rule, but that doesnt change the fact the exchange and its New York users are at risk. The worlds largest cryptocurrency exchange, Binance.com, isnt available in the US. Everything digital. While there's an American version of the platform called Binance.US, it too isn't available in New York due to the state's restrictions on Bit licenses. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. The Binance logo on a smartphone arranged in the Brooklyn borough of New York, US, on Tuesday, Feb. 14, 2023. Earlier, Binance.com had banned US citizens from using its platform. Ripple is only available for purchase via debit card at a branch of Binance in the United States . First why is binance banned in NY?? You can also buy it on kucoin.. but it's there any timeline on when binance us will be available in NY? . If youre not sure which platform would suit your needs better, the table below will give you a quick overview of how these two exchanges compare to one another. TraveliZta.com is a travel information site that answers the different questions you have about different cities and regions like Dubai, Toronto, New York, Paris and Sydney as well as countries around the world like Canada, USA, Australia, France and UK, which helps travelers and non-travelers to vacation or live there. New York City Texas. Download the VPN on your device and sign up. Even if the state hasnt banned digital assets, like some countries have done, including Algeria, Bangladesh, China, Egypt, and Iraq, the introduction of the document has made trading for business purposes very difficult. Press J to jump to the feed. Also, to clarify, Binance is not banned in the US Binance, like any other regulated exchange without a license to trade in the USA, blocks US citizens from buying crypto on their site. Gemini is one of the most popular crypto exchanges and has been praised for its security, liquidity, and customer service. Customers in approved states had to follow more stringent know your customer (KYC) procedures than the exchange previously required, including the need to submit photographs of a valid ID and social security numbers. In January 2022, Binance.US launched operations in Connecticut, where the exchange had to acquire a money transmission license from the state Department of Banking. One scheme operates under the name "Binance Assets." The regulator has found that all three platforms are fraudulent. However, keep in mind that this may change at some point and you may be able to access Binance.US in your state. Binance is the worlds leading blockchain and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Log in to your account here: https://www.binance.us/en/login. MoonPay is unavailable in the following U.S. states and territories: Louisiana. Luckily though, there's a simple way you can access Binance's full version from the US. After the nationwide initiation, Binance US unavailable in thirteen (13) major states of the United States of America (US) that include Washington and New York. Additionally, users can use their own wallets on this platform. Since there arent global laws about cryptocurrencies, you can find that like New York, most states have their own requirements regarding crypto traders and exchanges. The NYDFS has not yet issued any guidance on the status of digital assets, so it is unclear whether or not XRP would be considered a security. Watch: 100 Million Years of Simulated Evolution Shows Earth's Drastic Changes, Can We Rebuild the Spinal Cord? Binance.US provides more than 120 cryptocurrencies, but is not accessible to users in Hawaii, New York, Texas, or Vermont. However it might not always be cheaper to go by Gemini. Binance and Binance.US have the same majority owner in Zhao, according to the details laid out in the Texas filing. Binance is a popular cryptocurrency exchange launched in 2017. According to Forbes' on-chain analysis, the facts of which Binance has not disputed, $1.2 billion of this was sent to trading firm Cumberland DRW, with other amounts going to now-collapsed hedge . Before you decide whether or not trading cryptos in New York is worth it, you need to assess all the risks and your financial situation. And though its list of different cryptocurrencies. Binance.US is not available in Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, or Vermont. US Senators representing both Democrats and Republicans are demanding that Binance and Binance.US provide a detailed accounting of their finances and efforts to maintain regulatory compliance, according toa lettersigned by Senators Elizabeth Warren, Chris Van Hollen and Roger Marshall. Binance remains unwelcomed in Texas. Because Binance received both BUSD and FTT, and indicators imply that they did not liquidate their FTT, the amount clawed should be significantly less than $2.1 billion due to the FTT price drop. People who own other cryptocurrencies can, for the time being, store them in the cold storage or hot wallet of the facility. It has also neglected to advise investors about the dangers of cryptocurrency trading and has illegally engaged sale agents. So, knowing all of that, Binance is as safe as your internet habits are. It did not, however, reach the top without opposition. The Texas State Securities Boards most recent action isnt words but rather action: an emergency cease and desist order has been issued against a company using the Binance name. 1. Considering this, why is Binance not available in NY? Most recently, in November 2017, the regulator issued a BitLicense to Bitflyer, a Japanese exchange specializing in trading and selling bitcoin. Binance.US shall not be liable for any consequences thereof. Since its inception, it has become one of the greatest worldwide exchanges in terms of trading volume, with over 10 million members and a presence in over 200 countries. For people outside of those states looking to invest in crypto, Binance.US offers both an easy buy/sell interface and more advanced trading views. While New York users still cant participate in the crypto trade on Coinbase.US, it might be added to the platform at a later date if the development team finds a way to bypass the states very restrictive regulations. Although U.S. consumers may sign up for a KuCoin account, they have restricted access to services since KuCoin is not permitted to operate in the U.S. Binance.US is FDIC-insured, has two-factor authentication (2FA) built in, and has a solid security reputation in the crypto trading and exchange business. Additionally, you may purchase it with confidence since it comes with a 30-day money-back guarantee. Its important to note that Binance states its against the terms of use for US residents to access it using a VPN, so theres a risk your account may be suspended.In 2019, Binance was banned in the United States on regulatory grounds. These platforms both have valid Bit Licenses, meaning that they both allow you to participate in all cryptocurrency transactions legally. Binance has established itself as the worlds leading cryptocurrency exchange. The ownership of any investment decision (s) exclusively vests with you after analyzing all possible risk factors and by exercising your own independent discretion. Comparing the overall scores of the Binance and Gemini cryptocurrency exchanges indicates that Binance has a better overall score of 9.8, while Gemini has an overall score of 8.2. Coinbase has some of the lowest transaction fees, allowing you to acquire bitcoins with a 0% buy fee despite being the best in the business. Sorry, this post was deleted by the person who originally posted it. It is the U.S. branch of Binance the original international platform that U.S. users no longer have access to. It immediately acquired 20,000 registered users as part of the raise. Convenient insurance option for the Gemini crypto wallet. If youre a resident of the New York State and want to purchase cryptocurrencies from the biggest crypto exchange you may have encountered an issue its not possible. Help me! The regulations are limited to activities involving the state of New York and its residents. Does Binance.US provide 1099-MISC forms and file with the IRS? Existing clients that are. ), Meta has lost consumer trust, favour Alphabet and Amazon for FANG buys right now: Hatem Dhiab, Stay away from the FAANG, but remain invested in tech: Strategist, Darren Sissons discusses the FAANG stocks and Microsoft, Amazon breakout would be a 'really big deal': Fairlead Strategies founder Katie Stockton, Investors to see 'nothing but blowout earnings' for this quarter: Belpointe's David Nelson, McCreath: April CPI data spooks equity markets, {{data.symbol | reutersRICLabelFormat:group.RICS}}, {{ stock | formatPrefix }}{{ stock.netChng | formatNetChange }}, Read more: Texas Objection to Binance.US-Voyager Deal Cites Link to Binance, Read more: Tether Gets $1 Billion in 24 Hours Amid US Crypto Clampdown, Read more: US Crackdown Seeks to Push Crypto Back to Fringe of Finance. Binance is not accessible in some states in the United States, including Texas, New York, or Florida, due to regulatory concerns. The company, Paxos, had also been directed by the New York State Department of Financial Services tostop any further issuance of the BUSD stablecoin, which was at the time the third-largest in the market by circulation. Binance was banned in the United States on regulatory grounds in 2019, so if youre curious why is Binance not available in New York it hasnt been available in the whole country since 2019. The renowned crypto exchange established its United States office in September 2019. You can access Binance from the US with a VPN. Now today I get an email that no more Nexo in NY, they are pausing the exchange services. Binance is not available in New York, as the platform was banned from operating in the US for not complying with the country's regulations. Binance is the worlds biggest crypto exchange, with nearly 60% market share as of mid-February, according to research firm CryptoCompare. Users in over 180 countries can trade on Binance, but only 43 states can use Binance.US, excluding Connecticut, Hawaii, New York, Texas, Vermont, Idaho, and Louisiana. Binance is a crypto-currency exchange that allows trading of digital assets. Not available in all US states. Where can I get BNB in NY? The difference between Binance vs Binance.US is that the second exchange was born out of the necessity for the company to comply with the new rules of the United States regarding digital money. Enter your order number and purchase amount.