Puerto Rico has become the fourth jurisdiction in the United States to grant a money transmitter license to Binance.US, the US arm of the Binance cryptocurrency exchange. Other states that have issued operating licenses to Binance.US include Wyoming, Connecticut, and West Virginia.
Binance.US was launched as a second attempt by the CEO of Binance, Changpeng Zhao, to cater to investors in the United States, as the nation banned major Binance operations, citing regulatory concerns. The new Puerto Rico license further strengthens CZ’s vision of “licensing everywhere”.
According to the announcement, the money transmitter license was granted to Binance.US by the Office of the Commissioner of Financial Institutions (OCIF) of Puerto Rico. Highlighting the company’s intention to obtain operating licenses in all 50 US states and territories, Binance.US CEO Brian Shroder said that:
“Puerto Rico, in particular, is an important market for the growth of cryptocurrencies.”
As a money transmitter, Binance.US can receive and transfer funds between platform users.
On April 6, Binance.US completed its first external funding and reached a valuation of $4.5 billion after raising over $200 million from various investors, including Circle Ventures.
The company intends to redirect recent funding to improve existing systems and launch a new set of products. The announcement also highlights that Binance.US operates in 45 states and seven territories.
the aspiration of Binance of conducting business as a regulated entity has also seen positive development in the Middle East.
On April 10, Abu Dhabi became the third jurisdiction in the Middle East to grant Binance approval in principle to operate as a regulated cryptocurrency exchange. Previously, the exchange received approvals from Bahrain and Dubai.
As previously reported, the Abu Dhabi Global Market (ADGM) approval allows Binance to operate as a broker-dealer in digital assets, including cryptocurrencies.