On April 19, Binance.US announced that it received a money transmitter licence from the Puerto Rico Office of the Commissioner of Financial Institutions.
“Puerto Rico, in particular, is a crucial market for the expansion of cryptocurrency, and we look forward to continuing to give its inhabitants safe, dependable, and low-fee access to a wide range of tokens,” said Binance.US CEO Brian Shroder in a statement.
Over the last several years, Puerto Rico has earned a reputation as a crypto centre, with investor Brock Pierce pushing efforts to recruit entrepreneurs to the island, which is now recognised for its crypto-friendly tax rules.
Binance.US raised more than $200 million earlier this month at a pre-money value of $4.5 billion. Binance’s US-based subsidiary also received money transmitter licence in West Virginia, Connecticut, and Wyoming this year, according to the company’s release.
Binance.US currently operates in 45 U.S. states and seven territories, using both its own and third-party licences, according to the business.
A money transmitter licence is required in Puerto Rico to “offer services or engage in activities in which any order of payment is received, 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 benefactor.”
