In Puerto Rico, Binance.US has been granted a money transmitter license.

Binance, a cryptocurrency exchange based in the United States, has revealed the development. Binance.US made the initial effort in September 2019 to provide Puerto Ricans with the same services as Americans.

Residents in Puerto Rico were able to use the exchange's services before the money transmitter license was approved, according to a spokeswoman for Binance.US.
<blockquote> “Puerto Rico, in particular, is an important market for the growth of crypto and we look forward to continuing to offer its residents secure, reliable, and low-fee access to a robust selection of tokens,” Binance.US CEO Brian Shroder said in a statement.

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 draughts, 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.</blockquote>
Binance.US now has a total of four licenses this year. Since January, the exchange has been accredited in Connecticut, West Virginia, and Wyoming. However, not all states require a license for an exchange to operate.

Binance.US stated in March that it was now open to citizens of Louisiana, making the exchange available in 45 US states.
<blockquote> “Each state, including Louisiana, has a unique set of requirements, and we are working to ensure that we will ultimately be able to operate in all 50 states,” Sidney Majalya, chief risk officer of Binance.US, said at the time. “We’re thrilled to offer our services in Louisiana, and like other states, look forward to working with state officials to demonstrate our compliance-first mindset.” </blockquote>
The license for Puerto Rico comes after <a href="https://www.cryptoknowmics.com/news/binance-to-invest-e100m-for-france-based-startups/">Binance</a>. Following the close of a $200 million initial fundraising round earlier this month, the US was valued at $4.5 billion. Circle Ventures, Foundation Capital, Gaingels, Gold House, Original Capital, RRE Ventures, and VanEck were among the investors in the round.

After Binance discontinued serving US users the same month, Binance.US was created in September 2019 through cooperation with BAM Trading Services.

Binance.US Secures Money Transmitter License in Puerto Rico

Binance.US made the initial effort in September 2019 to provide Puerto Ricans with the same services as Americans.

Prabhjeet Bhatla is a cryptocurrency writer covering startups and a researcher since 2020. She has authored many articles for Entrepreneur India and APAC (digital and print) on cryptocurrency and ever-evolving Blockchain, the technology behind Bitcoin, and other cryptocurrencies. She specializes in applied cryptography, privacy-enhanced information storage systems, anonymous cryptocurrencies, elliptic curve crypto-systems, and satellite television piracy.

Binance.US Secures Money Transmitter License in Puerto Rico

Top Picks