The Financial Crimes Enforcement Network has registered Gate US as a money services firm, according to Lin Han, founder, and CEO of Gate.io, according to Cointelegraph.
According to Cointelegraph, Gate US, the country’s branch of the cryptocurrency exchange Gate.io, has obtained operating licenses in “many” states in preparation for the debut of its services.
According to Cointelegraph, Gate US has been registered as a money services firm with the Financial Crimes Enforcement Network (FinCEN), the nation’s money laundering and financial crimes platform, according to a statement made by Lin Han, founder, and president of Gate.io, on December 19, 2022. The exchange “obtained certain money transmission permits or equivalent to operate, and is now seeking to obtain others,” Han said, adding that further licenses are being sought.
Using information from Cointelegraph, Gate US stated it had not yet received customers from the nation but withheld the identities of the states from where it secured licenses. It’s anticipated that New York, Hawaii, and Puerto Rico won’t have access to the facility. After operating in the US, the exchange is reportedly going to provide services for institutional and retail customers alike.
Additionally, according to Cointelegraph, Gate.io forecasted “inevitable” regulatory frameworks for 2023 in a blog post published on December 20, 2022, citing the failure of the Terra ecosystem and the cryptocurrency exchanges Celsius, BlockFi, and FTX. Early in December 2022, a US senator submitted measures to the Securities and Exchange Commission requiring exchanges to reveal verification of reserves (SEC).
