Puerto Rico gives money transmitter license to Binance.US
According to Binance.US's now-deleted post published on April 19, the Puerto Rico Office of the Commissioner of Financial Institutions has approved obtaining a money transmitter license.Brian Shroder, who was appointed as the company's CEO in October last year, believes that Puerto Rico, with its crypto-friendly tax policies, is an important market for expanding crypto. He added that the company is pleased to continue offering its residents "secure, reliable, and low-fee access to a robust selection of tokens."
Binance.US, which first moved to Puerto Rico in September 2019, always aimed to offer its residents the same services as Americans. As the exchange has already been providing access to services before the money transmitter license, it is still unknown how the new development changes the existing process.
According to the Nationwide Multistate Licensing System and Registry Resource Center, any company that receives an "order of payment, including but not limited to, bank drafts, checks, personal money orders, or any other means of money transmission or payment, including those carried out by electronic transfer, wire, telephone, or any other medium to be transferred to a beneficiary" must obtain a money transmitter license in Puerto Rico.
Binance.US growing high
Binance.US, which operates in 45 U.S. states and seven territories through its licenses and those of third parties, now has four licenses this year. Since January, the exchange has been recognized in Connecticut, West Virginia, and Wyoming.The recent announcement comes amid the Binance's massive expansion plans. The exchange has recently said that it wants to bring more institutions into the industry by expanding its business in different areas.
Recently, the exchange giant announced that it had invested $108 million to expand its presence in France prior to joining hands with Gulf Energy to seek approval in Thailand.
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