financemagnates.com
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 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, 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 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. It also restricted its services in several other jurisdictions.
Global Expansion
Meanwhile, Gate.io is also expanding its international presence in other parts 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. It also received licenses in Malta and Dubai.
The crypto exchange group also expanded its services outside retail by launching an institutional arm earlier in May. The entity facilitates services to market makers and brokers.