Binance US, the firm’s highly regulated division dedicated to North American clients, has been awarded a “Money Transmitter License” in Puerto Rico.
As announced on April 19, this is the fourth license approval for the company in as many months. It said it is working to secure some of the remaining licenses that would allow operations in all US states and territories.
Officially known as the Commonwealth of Puerto Rico, the Caribbean island is an unincorporated territory of the United States and has been around since 1898.
Excited to add another money transmitter license, as #Puerto Rico We have our fourth issue in four months. We are working to obtain the few remaining licenses that will allow us to operate in all US states and territories.
Read more: https://t.co/vab9BQX6Ch pic.twitter.com/1Vc2OEXbQw
— Binance.US (@BinanceUS) April 19, 2022
Binance expansion continues
Binance US CEO Brian Schröder said the firm aimed to offer its fully regulated services in all 50 states and territories in the US before adding:
“Puerto Rico, in particular, is an important market for the growth of crypto and we look forward to continuing to provide our residents with secure, reliable and low-fee access to a robust selection of tokens.”
The award of a money transmitter license from the Puerto Rico Office of the Commissioner of Financial Institutions follows a $200 million funding round, which was valued at $4.5 billion.
It plans to use the capital to improve its spot trading platform, develop a suite of new products and services, and invest in marketing and customer education materials.
Binance US has received licenses this year in three other jurisdictions – West Virginia, Connecticut and Wyoming. It currently operates in 45 states and seven territories.
It is also rumored that the firm is considering an initial public offering (IPO) this year or next. A successful stock market listing will make Binance US the second crypto exchange to go public in the US after Coinbase. However, crypto service provider Blockchain.com is also preparing an IPO which could happen sooner than this year.
middle east hub
As restrictions and regulations increase in the West and many Asian countries, Binance International has taken aggressive steps to expand into the Middle East and North African (MENA) markets.
Earlier this month, the company was given in-principle approval from the Abu Dhabi Global Markets. CEO Changpeng Zhao is also eyeing Dubai’s global headquarters and its base. The firm also has a similar license to operate in Bahrain as it sees the region tapping new markets and establishing a base from which it can operate without pressure from central banks and financial regulators.
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