Binance.US Secures Money Transmitter License in Puerto Rico

Crypto trading platform, Binance.US has obtained a Money Transmitter License from the Puerto Rico Office of the Commissioner of Financial Institutions, the company confirmed yesterday in an official announcement.

So far in 2022, Binance.US has secured a Money Transmitter License in 4 jurisdictions, including West Virginia, Connecticut, Wyoming and now Puerto Rico. The digital asset firm has expanded its presence across the region significantly over the past few months.

The recent news came approximately 2 weeks after Binance.US closed one of the biggest seed rounds in the history of the crypto ecosystem. The crypto trading platform raised $200 million at a valuation of $4.5 billion.

Brian Shroder, the Chief Executive Officer of Binance.US, commented: “Following the successful close of our seed round, we are thrilled to build on our momentum with the receipt of this license and are grateful for the trust of Puerto Rico [Office of the] Commissioner of Financial Institutions. As America's home to buy, trade and earn digital assets, our goal is to offer the most compliant and customer-centric exchange in all 50 states and territories.”

“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,” Shroder added.

New Products

With multiple licenses and fresh funding, Binance.US aims to enhance its product offering. In addition, the company highlighted the importance of education initiatives to increase awareness of digital assets. In the near term, Binance is planning to introduce a new suite of products and services.

“Binance.US currently operates in 45 states and seven territories, offering some of the industry's lowest fees on 90+ high-quality token listings,” the company mentioned.

Earlier this year, FTX US received $400 million in a funding round and topped the valuation of $8 billion.