Binance U.S Secures Money Transmitter License From Nevada
Godfrey Benjamin Aug 21, 2022 08:00
The United States subsidiary of the world's largest cryptocurrency exchange by trading volume, Binance U.S announced today that it has received a Money Transmitter Licence from the Nevada Department of Business and Industry, Financial Institutions Division
The United States subsidiary of the world's largest cryptocurrency exchange by trading volume, Binance U.S announced today that it has received a Money Transmitter Licence from the Nevada Department of Business and Industry, Financial Institutions Division. Markedly, this is the seventh nation granting such a license to the crypto giant.
In the past, states and regions like Wyoming, West Virginia, Rhode Island, Puerto Rico, and Idaho, had issued a similar license to Binance U.S. Generally, Binance has established itself as one of the major crypto firms that are keen on operating in a regulated market.
Speaking about the development, the CEO of Binance U.S, Brian Shroder said that Binance will "continue to take the necessary steps to ensure we are operationally compliant across the United States, our customers’ assets are secure, and our platform is safe and transparent.”
Binance Bags Approvals and Licenses Globally
Although the exchange has had its fair share in unregulated territories and has faced strict opposition in such regions. One such time was when its deal with Paysafe sparked concerns from the Financial Conduct Authority (FCA). The U.K financial watchdog was suspicious of the exchange's operation seeing that its activities exposed users to lots of insecurities and risks.
More exciting is the number of regulatory approvals and licenses that the exchange has received so far. Binance received a full-fledged operations license from the Central Bank of Bahrain. Endorsed by the Cooperation Council for the Arab States of the Gulf (GCC), the exchange now provides its trading services to citizens of Bahrain.
Similarly, Binance bagged approval in the form of a license from the Dubai World Trade Centre. This made it the second license gained from that region. Moving over to the French region, the crypto giant once again received the authority to operate as a digital assets service provider in France.
In France, its approval appeared to be doubled as it had come from both the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR). One of the exchange's most recent authorities is the Kazakhstan in-principle approval and the approval it secured from the Astana Financial Services Authority (AFSA).
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