Gate US aims to provide its services to institutional and retail clients in the US.
Gate US, the United States subsidiary of crypto exchange Gate.io, has received operation licenses from “several” states in the United States of America.
According to the announcement shared on December 19th, the received licenses are a part of Gate US’s plan to become “the leading blockchain and digital asset infrastructure provider in the US.”
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On top of that, the company claims that it will provide its services to institutional and retail clients. In the announcement, the company did not disclose in what states it has received a registration. However, its terms of use reveal that Gate US cannot provide its services in New York, Hawaii and Puerto Rico.
When commenting on the matter, Gate US and Gate Group Founder and President Dr Lin Han highlighted that Gate US is registered as a money service business with the Financial Crimes Enforcement Network (FinCEN).
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.
Gate US joins a large group of other crypto exchanges already operating in the United States. The list includes Binance US, Coinbase, Gemini and Kraken.
The news comes a day after Gate.io users experienced issues with the crypto exchange’s deposit and withdrawal services.
In its announcement, Gate.io claimed that issues appeared due to “intermittent connection interruption caused by node maintenance of <Gate.io> cloud service providers.” On December 19th, the crypto exchange solved the issues and reassured its users that “the network connection is restored and now deposits and withdrawals work normally.”
by Gile K. – Crypto Analyst, BitDegree
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