Binance.US gets money transmitter license in Puerto Rico

Binance.US has gotten a money transmitter license in Puerto Rico. The Commissioner of Financial Institutions in Puerto Rico has granted Binance.US a money transmitter license.

Binance.US gets money transmitter license in Puerto Rico

The CEO of Binance.US, Brian Shroder in a statement said that “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,”

Puerto Rico has gathered a reputation as a crypto hub over the past few years. Investor Brock Pierce is spearheading the efforts to attract entrepreneurs to the island which is known for its crypto-friendly tax policies.

Binance.US has also raised more than $200 million at a $4.5 billion pre-money valuation. The platform also received money transmitter licenses in West Virginia, Connecticut, and Wyoming this year.

The Company said that Binance.US now operates in 45 U.S. states and seven territories through its own licenses and those of third parties.

According to the Nationwide Multistate Licensing System & Registry (NMLS) Resource Center, a money transmitter license in Puerto Rico is required to “offer services or engage in activities in which any order of payment is received, including, but not limited to bank drafts, 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, and which services require the person for whom the money transmission is processed, transacted, or conducted to pay a service charge.”