Money Transmitter licence awarded to Binance in Puerto Rico

Binance.US, the American arm of the world’s largest cryptocurrency platform in terms of market volume, got its fourth money transmitter license in America from Puerto Rico. Three other states, namely West Virginia, Wyoming, and Connecticut earlier, had also granted Binance.US the operational licenses.

Citing the regulatory concerns, the first and primary operation of Binance in the United States was banned, and that is why the CEO of Binance, Changpeng Zhao, had to look after the investors while trying out their second attempt to capture the United States market. The license received from Puerto Rico reinforces the vision of Changpen Zhao to become fully licensed everywhere in the world.

The Puerto Rico OCIF or Office of the Commissioner of Financial Institutions has awarded Binance the money transmitter license. Although the company is planning to obtain licenses from all the 50 states of the United States, according to the Binance.US CEO Brian Shroder, Puerto Rico is a fairly important place for the growth of the crypto market in the United States. As a money transmitter, the platform will be eligible to transfer and receive funds between users of the platform.

After raising more than 200 million dollars from multiple investment companies, including circle ventures, Binance.US had completed its first outside funding and was able to reach the valuation mark of 4.5 billion. With the raised fund, the company will try to upgrade the existing system and will also launch some new products. 

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