The US crypto exchange industry has grown significantly, with hundreds of exchanges contesting the market. However, with the collapse of FTX, the market lacks major competition that offers services beyond just spot trading on a few mainstream assets. Regardless, smaller and newer exchanges entering the market are seeing a rise in user count, showing that demand is high for new alternative platforms.
As the demand for trustworthy and comprehensive trading services increases, Gate US is looking to fill the void. The exchange recently announced it had obtained licenses in several states to operate in the US and plans to bring services centered on comprehensivity, security, and compliance to the market.
A new option for US retail and institutional traders
“US market is probably the most important crypto market in the world with huge growth potential. For Gate US, we hold security and compliance as our serving purpose and key commitment to users. Therefore we set to make sure to adhere to all applicable laws and regulations from the beginning. We are proud and excited to deliver our secure and professional crypto asset services to the US market very soon." said Dr. Lin Han, Founder and President of Gate US and also Founder and CEO of Gate Group.
Although not yet offering services, Gate US will bring new, seasoned competition to the US market. According to Han, Gate US is holding itself to a high standard for user asset security and has committed to a multi-faceted security approach from launch. On top of strict security protections for user data and assets, the exchange will implement third-party audited Proof of Reserves with Merkle tree verification. Further, Gate US will commit to a multi-faceted security approach for users.
Compliance and security are a top priority
Gate US has emphasized embracing regulations as it enters new states. Specifically, Gate US is expanding its compliance teams to meet current and future regulations. This approach is critical for exchanges that want to guarantee operations are compliant in the present and future.
"We are expanding Gate US's local operations team to ensure services are compliant and customized to the US market, in addition to reinforcing our capacity to bridge new partnerships to enhance offerings," said Dr. Lin Han.
Moving to 2023, Gate US plans to obtain approvals and licenses in more US states before commencing services. With a tried and tested security approach, trading services and tools decades in the making, and a heavy focus on compliance, Gate US is primed to become a leading crypto exchange in the United States.