Binance US Wins Money Transmitter License in Nevada

Binance’s US subsidiary announced receiving its Money Transmitter License from the Nevada Department of Business and Industry, Financial Institutions Division.

The latest move is part of the company’s plans to offer its fully regulated services in all of America’s 50 states and territories.

• Speaking about the license approval, Brian Shroder, Chief Executive Officer of Binance US, said,

“We continue to take the necessary steps to ensure we are operationally compliant across the United States, our customers’ assets are secure, and our platform is safe and transparent. Receiving our Money Transmitter License in Nevada is further evidence of our ongoing compliance efforts, and we are thankful for the time and trust of the Nevada Department of Business and Industry.”

• As per the announcement, Binance US has already secured Money Transmitter Licenses from West Virginia, Connecticut, Wyoming, Rhode Island, Idaho, and Puerto Rico.
• With the latest development, Nevada has become the seventh jurisdiction where the exchange managed to score the operational license.
• Binance US recently bagged Money Transmitter License in Puerto Rico.
• Since 2021’s intense scrutiny from multiple global watchdogs, its parent firm – Binance International – has onboarded new compliance personnel.
• This helped the firm to expand its footprint across the world aggressively despite the current market downturn.
• In recent months, the firm stretched into the Middle East and North African (MENA) markets as restrictions and regulations escalated in the West and many Asian countries.
• It has also tapped a regulatory nod in Kazakhstan and Italy. It is keen on expanding to Germany as well.