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Crypto Exchange Binance.US Secures Money Transmitter License in Puerto Rico
Binance.US first said in September 2019 that residents of Puerto Rico would be able to access the exchange. The announcement comes shortly after Binance's U.S.-based subsidiary reached a $4.5 billion valuation Binance.US received a money transmitter license in Puerto Rico. The American partner of cryptocurrency exchange Binance announced the development on Tuesday. Binance.US first moved in September 2019 to allow Puerto Rico residents access to the same services as American residents, according to a since-deleted blog post. A spokesperson for Binance.US confirmed that prior to the issuance of the money transmitter license, Puerto Rico residents...
Crypto Exchange Binance.US Secures Money Transmitter License in Puerto Rico
- Binance.US sagte erstmals im September 2019, dass Einwohner von Puerto Rico auf die Börse zugreifen könnten
- Die Ankündigung erfolgt kurz nachdem die in den USA ansässige Tochtergesellschaft von Binance eine Bewertung von 4,5 Milliarden US-Dollar erreicht hat
Binance.US has received a money transmitter license in Puerto Rico.
The American partner of cryptocurrency exchange Binance announced the development on Tuesday. Binance.US first moved in September 2019 to allow Puerto Rico residents access to the same services as American residents Blog post that has since been deleted.
A Binance.US spokesperson confirmed that Puerto Rico residents were able to access services on the exchange before the money transmitter license was granted. The spokesperson did not respond to inquiries about how the new license changes existing services.
“Puerto Rico, in particular, is an important market for crypto growth and we look forward to continuing to provide its residents with safe, reliable, and fee-free access to a robust selection of tokens,” Binance.US CEO Brian Shroder said in a statement Explanation Tuesday.
Any business upon which a “payment order is received, including, but not limited to, bank drafts, checks, personal money orders, or other means of transfer or payment, including those made by electronic transfer, wire, telephone, or other medium, to be transmitted to a beneficiary,” is required to obtain a money transmitter license in Puerto Rico Nationwide Multistate Licensing System and Registry Resource Center.
The new license is Binance.US’ fourth this year. The exchange has been accredited in Connecticut, West Virginia and Wyoming since January. However, not all states require a license for an exchange to operate.
In March, Binance.US announced that it was available to residents of Louisiana, meaning the exchange is now accessible in 45 US states.
“Each state, including Louisiana, has unique requirements, and we are working to ensure we can ultimately operate in all 50 states,” Binance.US Chief Risk Officer Sidney Majalya said at the time. “We are excited to offer our services in Louisiana and, like other states, look forward to working with state officials to demonstrate our compliance-first mindset.”
The Puerto Rico license comes after Binance.US reached a $4.5 billion valuation after closing a $200 million seed funding round earlier this month. Investors in the round included Circle Ventures, Foundation Capital, Gaingels, Gold House, Original Capital, RRE Ventures and VanEck.
Binance.US launched in September 2019 through a partnership with BAM Trading Services, after Binance ended service to US customers the same month.
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The Post Crypto Exchange Binance.US Secures Money Transmitter License in Puerto Rico is not financial advice.