Puerto Rico grants Binance.US money transmitter license

Binance.US has been granted a money transmitter license in Puerto Rico, this allows the platform to receive and transfer funds between users and makes it the fourth jurisdiction in America to do so.
Puerto Rico grants Binance.US money transmitter license
Puerto Rico grants Binance.US money transmitter license

Binance.US is Binance CEO Changpeng Zhao’s second attempt to cater to investors in the United States after the country barred Binance’s principal operations due to regulatory concerns. CZ’s objective of “being licensed everywhere” is strengthened by the new license from Puorto Rico.

The money transmitter license was issued to Binance.US by the Puerto Rico Office of the Commissioner of Financial Institutions (OCIF), according to the release.

Other states have granted Binance operating licenses. Wyoming, Connecticut, and West Virginia are among the states of the United States.

Binance.US CEO Brian Shroder noted that “Puerto Rico, in particular, is a crucial market for the expansion of crypto,” while underlining the company’s intention to seek operational licenses in all 50 U.S. states and territories.

Binance.US is allowed to receive and transfer monies between users on the platform as a money transmitter.

Binance.US is currently valued at $4.5 B

Binance.US concluded its first-ever external funding on April 6, valuing the company at $4.5 billion after obtaining over $200 million from a variety of investors, including Circle Ventures.

The current money will be used to improve existing systems and create a new line of products, according to the company. Binance.US operates in 45 states and seven territories, according to the release.

Binance’s desire to operate as a regulated corporation has been met with success in the Middle East as well.

On April 10, Abu Dhabi became the third Middle Eastern country to grant Binance preliminary authorisation to operate as a regulated cryptocurrency exchange. Bahrain and Dubai had previously given their permission to the swap.

As previously reported, Binance has received approval from Abu Dhabi Global Market (ADGM) to operate as a broker-dealer in digital assets, including cryptocurrencies.