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Puerto Rico granted Binance US a Money Transmitter License

Binance US, the company’s heavily regulated North American business, has been granted a “money transmitter license” in Puerto Rico. As per the April 19th notice, this has been the company’s fourth such license authorization in just a few months. Moreover, the corporation stated that it is seeking to obtain the remaining licenses that will allow it to operate in all 50 states and territories of the United States.

The Money Transmitter License was granted by the Office of the Commissioner of Financial Institutions of Puerto Rico, succeeding a $200 million fundraising round that valued the company at $4.5 billion.

It intends to utilize the funds to strengthen its spot trading platform, build a suite of new products and services, and spend money on marketing and consumer education. This year, Binance US gained licenses in three more states: West Virginia, Connecticut, and Wyoming.
It now has 45 states and seven territories under its umbrella.

The Caribbean island of Puerto Rico, officially known as the Commonwealth of Puerto Rico, has been an unincorporated territory of the United States since 1898.

The company is reportedly said to be considering an IPO this year or next. Binance US would become the second crypto exchange to go public in the United States after Coinbase if its stock market listing is successful. However, BlockchainCom, a crypto services provider, is planning an IPO that might happen this year.

Photo by Ana Toledo

About the author, Deyvid Stoyanov

Deyvid developed his passion for technology, innovation, blockchain and decentralization throughout his bachelor and masters degree studies in Bulgaria and Italy. With several years of experience in the private sector, he is currently part of the FinTech Legal Center Tallinn-based team and remains immersed in the transformation of the financial and banking sector, the adoption of blockchain and cryptographic technologies as well as their interrelationship with state supervisory authorities and the European regulatory structure.

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