February 5, 2023

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Gate.io is preparing to launch its services in the US thanks to the acquisition of local licenses

US Gate, the US branch of Gate.io, Fourth largest cryptocurrency exchange by trading volumeshe said she had licenses to operate in “Different” States, effectively approaching the launch of services in the country.

In a statement released on December 19, Lin Han, founder and president of Gate.io and its US subsidiary, said, announce that Gate US is now registered as a Financial Services Company with the Financial Crimes Enforcement Network (FinCEN) – The supervisory authority in the country that deals with money laundering e Financial crimes.

Moreover, he added that the exchange “I have obtained some money transfer or similar licenses to operate and are in the process of acquiring other licenses.”

Gate US did not disclose which countries it obtained the licenses in, but said it is not yet accepting users from the country at this point. Its terms of use, however, they claim that It will not be available to residents of New York, Hawaii, and the territory of Puerto Rico.

Cointelegraph reached out to Gate.io for comment but did not receive an immediate response.

The exchange is expected to provide services to both retail and institutional users Once opened for US customers.

Gate.io joins major exchanges in terms of transaction volume in the US, such as Coinbase, Kraken, Binance.US, and Gemini. Another popular exchange, FTX.US, the US arm of FTX Corporation, left a hole in the market after bankruptcy proceedings in early November.

Han said he proactively registered as a financial services company because Committed to complying with regulations.

in a article December 20, git Establish a regulatory framework “no way” for 2023, citing the failure of the Terra ecosystem and those of Celsius, BlockFi, and FTX crypto platforms.

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In early December, a US lawmaker introduced a bill calling for the exchanges to return Note proof of reserves to the Securities and Exchange Commission.

If the laws are being met, difficulties may arise for Gate.io, given this ArmaninoInc., the accounting firm I worked with to certify Proof of Reserves, on December 15 Quietly ending cryptocurrency auditing services.