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Tuesday, February 7, 2023

Gate.io Set To Commence Journey In US

Gate.io, a cryptocurrency exchange that has been around since 2017, is closer to launching its U.S. services after obtaining state licenses in New York and Washington state.

Gate.io, a Singapore-based cryptocurrency exchange, has informed Cointelegraph that it has recently obtained state licenses to operate in the U.S., including money transmitter licenses (MTL) in New York and Washington state.

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Gate.io CEO Alexey Maximenko told Cointelegraph: “We have acquired a license as an institutional money transmitter in New York State too and are working on acquiring one for Washington State.”

Gate.io All Set For US

As per the company’s representatives, this will allow Gate.io to offer its services to customers from these two states in addition to the 15 states where it already offers its services (including California).

Gate.io is a Singapore-based cryptocurrency exchange, which has recently obtained state licenses to operate in the U.S. The company announced on Monday that it had received regulatory approval for Money Transmitter Licenses (MTLs) from New York and Washington State regulators.

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According to its official statement, the MTLs will allow Gate.io to conduct business with customers within both states, as well as other states where it already conducts operations — such as California and Texas — with no interruption of service or additional fees required from users.”We have been working closely with New York’s Office of Financial Services (NYDFS) since December 2017,” said Gate.io CEO Justin Sun at the time of applying for the license.”The agency has been very helpful throughout our application process which was not easy by any means,” he added.”I believe this project will greatly contribute to compliance efforts by providing another option besides Coinbase & Gemini.”

While Gate.io’s U.S. service is still in beta phase, the exchange has already started accepting registrations from residents of Washington and New York state. Gate also plans to support fiat deposits and withdrawals for all users soon.

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