Binance.US obtains money transmitter license in Puerto Rico
The Puerto Rico Office of the Commissioner of Financial Institutions has granted Binance.US a money transmitter license, the company announced on April 19.
"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.
Puerto Rico has gained a reputation as a crypto hub over the past few years, with investor Brock Pierce spearheading efforts to attract entrepreneurs to the island now known for its crypto-friendly tax policies.
Earlier this month, Binance.US raised more than $200 million at a $4.5 billion pre-money valuation. The U.S.-based affiliate of crypto exchange Binance also received money transmitter licenses in West Virginia, Connecticut, and Wyoming this year, the company said in its announcement.
Binance.US now operates in 45 U.S. states and seven territories through its own licenses and those of third parties, the company added.
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."
