Binance.US Receives Money Transmitter Permit in Puerto Rico

• The island has earned a reputation as a crypto center over the last few years.
• The firm gathered nearly $200 million from a diversified collection of investors.

Binance.US, the world’s biggest cryptocurrency exchange, has secured a money transmitter license in Puerto Rico as it continues to grow worldwide and become more aware of compliance. In addition, investor Brock Pierce has led efforts to bring entrepreneurs to Puerto Rico, which is now recognized for its crypto-friendly tax rules. As a result, the island has earned a reputation as a crypto center over the last few years.

Crucial Market For the US

On Tuesday, Puerto Rico is an important market for the US to Binance.US CEO Brian Shroder, who further stated that “our goal is to offer the most compliant and customer-centric exchange in all 50 states and territories.”

Binance has secured a money transmitter license in Puerto Rico, making it the fourth jurisdiction in the United States where the company has received a license so far this year. After completing the first paperwork for an initial public offering, which the business plans to do in two to three years, Binance.US will likely undergo intense scrutiny in the United States.

Before that, the firm gathered nearly $200 million from a diversified collection of investors at an initial pre-money value of $4.5 billion to get its first external financing round. Funding from the round will improve Binance spot US’s trading platform, create new goods and services, and engage in marketing and customer education. Binance.US is presently licensed to operate in 45 states and seven territories, and it offers some of the lowest fees in the market on 90+ high-quality tokens.