Leading global crypto exchange Binance has announced that its US subsidiary has been granted a Money Transmitter License in Nevada. This makes it the seventh jurisdiction the crypto exchange has received a Money Transmitter License, as it continues to expand operations. It now has a license in Connecticut, West Virginia, Idaho, Rhode Island, Puerto Rico, Wyoming, and now Nevada.
Binance Commits To Maintaining Compliance Standards
Binance US said it wants to expand its operations across several regions in the US to gain more markets. The licenses will enable the crypto exchange to facilitate clients in different parts of the region.
Chief Executive Officer of Binance.US, Brian Shroder, commented on the development. “We continue to take the necessary steps to ensure we are operationally compliant across the United States,” he noted. Shoder added that the license is evidence of the company’s compliance efforts, and it will continue to work with all regulatory authorities to maintain compliance standards.
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Binance Sees Growth Despite Crypto Market Winter
The crypto market has not been favorable for companies in the industry. However, Binance is having a fairly good year, which has been reflected in its valuation. In April, the crypto exchange raised $200 million in seed funding, hitting a valuation of $4.5 billion in the process.
Participants in the funding round include Original Capital, Foundation Capital, RRE Ventures, Circle Ventures, and VanEck.
The company stated that it now operates in 46 states through the license of some of its partners. The crypto exchange plans to extend its services to all 50 states and territories in the U.S.
Binance faced serious scrutiny in 2021 from regulators around the world, but the company has managed to get on some of its good books. It has onboarded new compliance personnel in its bid to stay within the regulatory corridors. This has enabled the firm to expand its operations and offerings despite the current market downturn.
The company has also gained operational licenses in Italy and Kazakhstan while seeking to expand its services in Germany. The firm has also made efforts to expand its operations in the Middle East and North African (MENA) region.
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Source: https://insidebitcoins.com/news/binance-us-expands-presence-in-nevada-gains-money-transmitter-license