Crypto
Binance US Bags Money Transmitter License, Operational Across Seven States
Published
7 months agoon
By
Manoj Nair
Binance is going great guns and its US Division, Binance US has bagged a Money Transmitter License in Nevada. Nevada becomes the seventh state to grant the license to Binance US.
Other states which have given license to Binance US includes Connecticut, Wyoming, Rhode Island, Puerto Rico, West Virginia, and Idaho. The license was granted by Financial Institutions Division of the Nevada Department of Business.
Money Transmitter License -Importance
Money Transmitter License is a very crucial license which is required by every commercial and business entities which provide such services. All the 50 states and 4 territories dispense separate money transmitter license in the United States. The license enables state governments to regulate the services at their level.
The requirement of MTL is mandatory but it is a very tedious and time-consuming process to get one and it does not come cheap. States can charge even $2 million for an individual Money Transmitter License. Therefore, commercial entities have devised an alternative route to do business without a Money Transmitter License. Entities can partner with a bank or another partner who possess a license
With the License Binance will be able to spread its activities at all state levels in the US. Binance expressed happiness after receiving the license. The number one crypto exchange is operating in 46 states and Puerto Rico.
Binance Global Footprints Expanding
On one hand Binance US is getting Money Transmitter License in the US and is today fully operational in the length and breadth of the nation, Binance is also rapidly expanding its footprints across the globe particularly in the Gulf and Latin American nations. Recently it obtained Virtual Asset License from Dubai’s Virtual Asset Regulatory Authority. It has also obtained regulatory nod from Bahrain. Binance Bahrain received a Category 4 license as a crypto asset service provider. It has got regulatory approval for operations in Italy and France.