Binance.US Acquires Money Transmitter License in Puerto Rico
- With this license, Binance.US now operates in 45 states and seven territories of the U.S., moving it a step closer to its goal of providing services in all states and territories.
- Binance.US CEO Brian Shroder noted that this license was important to the exchange, as Puerto Rico is a particularly important market for the growth of crypto.
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Cryptocurrency exchange Binance.US has received a money transmitter license from Puerto Rico’s Office of the Commissioner of Financial Institutions (OCIF), the company said in a press release on 19 April.
According to the announcement, this is the fourth jurisdiction in which Binance.US has received a money transmitter license this year, the rest being West Virginia, Connecticut, and Wyoming. The newly acquired license allows the exchange to receive and transfer funds between users on its platform. Through its own licenses and those of its partners, the exchange now operates in 45 states and seven territories of the U.S., though its goal is to eventually provide services in all 50 states and territories. The CEO of Binance.US, Brian Shroder, said in a statement:
“As America’s home to buy, trade, and earn digital assets, our goal is to offer the most compliant and customer-centric exchange in all 50 states and territories. Puerto Rico, in particular, is an important market for the growth of crypto and we look forward to continuing to offer its residents secure, reliable, and low-fee access to a robust selection of tokens.”
The license was granted two weeks after Binance.US completed its first-ever “external funding round”, through which the company raised $200 million from various investors that valued the exchange at $4.5 billion. These funds will be used to enhance Binance.US’ spot trading platform, help it develop a new suit of products and services, as well as invest in marketing and consumer education initiatives.
Back in July 2021, Binance CEO Changpeng “CZ” Zhao said the goal of the exchange was to be “licensed everywhere”, and we have seen a strong push in that direction this year. The exchange had great success in the Middle East in particular, and has acquired a crypto asset service provider license in Bahrain, as well as an operating license in Dubai.
- The U.K. Financial Conduct Authority continues its crackdown on crypto ATMs in the country, and has disrupted a total of 26 machines since the start of the year.
- The regulator warned the public back in March 2022 that all crypto ATMs in the country were operating illegally, and issued a “shut down or face further action” order.
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- The Securities Commission Malaysia ordered Huobi Global to stop all of its activities in the country as it was not registered with the regulator, and was operating illegally.
- The exchange was also directed to disable its website and mobile applications, as well as cease all advertising of its products and services in the country.
- There is still no official date for when Binance will re-enter the Japanese market, but Sakura Exchange BitCoin (SEBC) will close doors on 31 May, and reopen as Binance Japan sometime after June.
- Customers in Japan who wished to continue using the exchange under the Binance name will have to undergo new identity verification and KYC checks.