Binance US Acquires Money Transmitter License In Puerto Rico

Binance US Acquires money transmitter license in Puerto Rico as the global expansion drive continues to enter into new markets so let’s read more today in our Binance latest news.

Binance US acquires a money transmitter licnese in Puerto Rico which marks the fourth such licnese approval for the company according to the recent announcement. It added that it is working to acquire a few other licenses which will permit the operations in US states and territories. Officially known as the Commonwealth of Puerto Rico, the Caribbean island is still an unincorporated territory of the US and has been since 1898. Binance US CEO Brian Shroder said the company’s goal is to offer regulated services in all of America’s 50 states and added:

“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.”

Excited to add another Money Transmitter License, as #PuertoRico marks our fourth in four months. We’re working to acquire the few remaining licenses that will allow us to operate in all U.S. states and territories.

Read more: https://t.co/vab9BQX6Ch pic.twitter.com/1Vc2OEXbQw

— Binance.US 🇺🇸 (@BinanceUS) April 19, 2022

The granting of the license from the Puerto Rico Office of the Commissioner of Financial Institutions came after a $200 million funding round which valued the company at $4.5 billion. It plans to use the capital and improve the spot trading platform but also develop a suite of new products and services and invests in customer education materials. Binance US recieved the license in three other jurisdictions, Connecticut, West Virginia, and Wyoming, and now operates in 45 states and seven territories.

The company is rumored to be preparing for an initial public offering and a successful stock market listing will make the exchange the second exchange to go public in the US after coinbase. However. Blockchain.com is also preparing for an IPO which could come sooner this year. Binance International made aggressive moves to expand into the Middle East and North African markets since the restrictions in the west are mounting against it. The company was granted an in-principal approval from the Abu Dhabi Global Market and the CEO Changpeng Zhao eyed Dubai for the headquarters and the base. The company also has a similar license to operate in Bahrain and eyes the region to tap into the new markets where it can operate without pressure from the central bank and regulators.