Gate US, a division of Gate.io in the US, declared on Monday that it has been granted multiple state licenses, allowing it to run a cryptocurrency exchange in more states.
“Gate US is committed to regulatory compliance. 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 established in March 2022 to serve as a marketplace for digital assets for US customers only. The local cryptocurrency exchange has obtained the necessary licenses, but has not yet begun offering its services in the US. It still needs to give an estimated launch date and a schedule. The Gate US terms of service made it clear that citizens of New York, Hawaii, and Puerto Rico would not be able to use its services.
“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.”
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.
