Binance.US Secures Money Transmitter License in Puerto Rico

In Puerto Rico, Binance.US has been granted a money transmitter license. Binance, a cryptocurrency exchange based in the United States, has revealed the development. Binance.US made the initial effort in September 2019 to provide Puerto Ricans with the same services as Americans. Residents in Puerto Rico were able to use the exchange’s services before the money transmitter license was approved, according to a spokeswoman for Binance.US. “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. According to the Nationwide Multistate Licensing System and Registry Resource Center, any company that receives an “order of payment, including but not limited to, bank draughts, 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” must obtain a money transmitter license in Puerto Rico. Binance.US now has a total of four licenses this year. Since January, the exchange has been accredited in Connecticut, West Virginia, and Wyoming. However, not all states require a license for an exchange to operate. Binance.US stated in March that it was now open to citizens of Louisiana, making the exchange...