Crypto exchanges in the US have grown significantly, with hundreds competing against each other for market share. The collapse of FTX, however, has reduced competition for services that extend beyond spot trading on only a few top crypto assets. New and smaller exchanges entering the market are seeing an increase in users, indicating that there’s high demand for new alternatives.
Gate US is looking to fill the gap in the marketplace as trustworthiness, and comprehensive trading services become increasingly critical. Recently, the exchange announced it had obtained a US operating license and plans to provide comprehensive, secure, and compliant services.
Retailers and institutions in the United States now have a new crypto trading option
Retail and institutional customers are expected to be served by the exchange when it opens in the U.S.
Gate.io has been approved as a Virtual Assets Service Provider (VASP), enabling the company to offer cryptocurrency exchange and wallet services. As a result, the firm complies with local anti-money laundering and counter-terrorist financing (AML/CTF) laws when providing crypto exchange, blockchain, and DeFi services to its users.
Coinbase, Kraken, Binance US, and Gemini are some of the other top exchanges in the U.S. by volume. After being swept up in bankruptcy proceedings in early November, another popular exchange, FTX.US, left a gaping hole in the market.
“US crypto markets are among the most important worldwide due to their huge growth potential. The security and compliance of Gate US users is our primary goal and our key commitment to users. Therefore, we set out to ensure that we adhered to all applicable laws and regulations from the very beginning. Our team is looking forward to bringing our secure and professional crypto asset services to the US market soon,” Founder and CEO of Gate Group, Dr. Lin Han, said.
The US market will be introduced to new, seasoned competition via Gate US. Han states that Gate US is committed to a holistic security approach and holds itself to a high standard regarding user asset security. Furthermore, the exchange will incorporate third-party audited Proof of Reserves using Merkle tree verification and strict security protections for user data and assets.
Keeping up with compliance and security is our number one priority
When Gate US expands into new states, it emphasizes adhering to regulations. Gate US has expanded its compliance team to meet current and future regulatory requirements. For exchanges seeking to ensure ongoing compliance, this approach is essential.
According to Dr. Lin Han, Gate US is expanding its local operations team to ensure services are compliant and customized to the US market. The organization will also strengthen its ability to establish new partnerships to enhance services.
Gate US plans to begin services in 2023 and accept its first users once it has received licenses and approvals in more US states. As a leading and competitive US crypto exchange, Gate US offers a tried-and-true security approach, a full array of trading tools, and a heavy focus on compliance.