Gate.io crypto exchange has obtained the licenses that will enable it to offer digital assets services in the United States via its subsidiary Gate U.S.
Gate US secures regulatory approval
Gate US, a digital assets and blockchain technology infrastructure services provider from the stables of Gate.io, has received a regulatory nod from U.S. regulators to offer residents Bitcoin (BTC) trading services in some states.
Per a Dec. 19 press release by the team, the licenses enable Gate U.S. to establish its presence across several jurisdictions in the United States of America, taking the company a step closer to its mission of becoming the leading crypto asset infrastructure and trading services provider to both retail and institutional investors in the nation.
Commenting on the latest milestone, Dr. Lin Han, Founder, and President of Gate US and Gate Group reiterated that being regulatory compliant is one of the firm’s topmost priorities, adding that “gate US has proactively secured a money services business with FinCEN and “obtained some money transmission licenses or similar to operate and is currently working to obtain more.”
While a good number of crypto-linked businesses and exchanges have managed to set up shop in the U.S., some others have not been quite lucky.
On Dec. 5, reports emerged that leading crypto lending platform, Nexo has halted its US operations due to regulatory bottlenecks.
The sudden collapse of the jailed Sam Bankman-Fried‘s FTX exchange has triggered increased regulatory scrutiny across various jurisdictions plus serious fear uncertainty and doubt (FUD) in the cryptoverse.
just last week, U.S. senators Elizabeth Warren and Kansas Roger floated a new bipartisan bill dubbed the Digital Asset Anti-Money Laundering Act, which is designed to subject crypto businesses to the same financial regulations governing the traditional finance sector.
In an exclusive statement to CNN, Warren stated categorically that her bill will ultimately bring “common-sense crypto legislation to better safeguard the U.S. national security.”
Elsewhere, Mazars, the Paris-based accounting firm that recently conducted Binance’s proof-of-reserves (PoR) operations has suspended all collaborations with its crypto clients, including KuCoin and Crypto.com. In the same Armanino, another crypto-friendly auditing firm that worked with FTX US, Nexo, and others, severed ties with its digital assets partners last week.