Gatecoin only accepts clients residing in a limited number of US states, regardless of their nationality, based on confirmations with respective state regulators of the legal and regulatory regimes governing cryptocurrency and token trading.
We can support both fiat currency and cryptocurrency/token transfers from residents of the following US states after their accounts have been verified:
- New Mexico
- South Carolina
We can ONLY support cryptocurrency and token transfers from residents of all other US states/territories (except the states listed below) after their accounts have been verified.
We are currently unable to onboard any residents from the following states, regardless of desired activity:
- New York
- North Carolina
- South Dakota
- West Virginia
Gatecoin is currently in the process of acquiring money service business (MSB) and money transfer business licenses (MTB) for several major US states. We maintain close relationships with several US law enforcement agencies and have communicated to them of our activities.
US citizens residing overseas
Gatecoin accepts US citizens residing overseas. However, as a participating Foreign Financial Institution with the U.S. Internal Revenue Service, Gatecoin has to comply with FATCA (Foreign Account Tax Compliance Act) reporting. To that extent, we may have to share your personal information with the IRS.
Personal information refers here to information that identifies an individual, such as name, address, e-mail address, and trading information.
If you do not want Gatecoin to share your personal information with the IRS then we will have to report your account as a "non-consenting" account.
"Non-consenting" accounts are subject to pooled reporting, which means Gatecoin will only state how many of those accounts we have, and how much their aggregate balances amount to.
In that case, your personal information may temporarily stay hidden from the IRS.
This particular point will depend on the IRS investigation thresholds and the cooperation of the HKSAR tax authorities.