Binance.US awarded money transmitter license in Puerto Rico
Categories: Crypto News US
Puerto Rico has become the fourth jurisdiction in America to grant a money transmitter license to Binance.US, the American arm of the crypto exchange Binance. Other states that have issued operational licenses to Binance.US include Wyoming, Connecticut and West Virginia.
Binance.US was launched as a second attempt by Binance CEO Changpeng Zhao to cater to investors in the United States as the nation banned Binance’s primary operations, citing regulatory concerns. The new license from Puerto Rico further strengthens CZ's vision “to be licensed everywhere.”
According to the announcement, the money transmitter license was awarded to Binance.US by the Puerto Rico Office of the Commissioner of Financial Institutions (OCIF). While highlighting the company’s intent to obtain operational licenses in all 50 U.S. states and territories, Binance.US CEO Brian Shroder said that “Puerto Rico, in particular, is an important market for the growth of crypto.”
The company intends to redirect the recent funding to improve existing systems and launch a new suite of products. The announcement also highlights that Binance.US operates in 45 states and seven territories.
Binance’s aspiration to conduct business as a regulated entity has seen positive development in the Middle East as well. As previously reported, Abu Dhabi Global Market’s (ADGM) approval allows Binance to operate as a broker-dealer in digital assets, including cryptocurrencies.