American Binance Company Obtains a Money Transfer License in Wyoming
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Answer American Binance Company Obtains a Money Transfer License in Wyoming
Yesterday, Friday, the American company Binance announced that it had obtained a license to transfer funds in the US state of “Wyoming”.
From the announcement published on the American Binance Blog:
Binance USA is pleased to announce that it has obtained a money transfer license from the Wyoming Division of Banking Services.
Cryptocurrency companies operating in the US are money transfer companies and are categorized under the MSB category just like banks.
For a crypto company to operate as a money sender, it must apply for a Money Transfer License (MTL) from each state in which it intends to operate.
In contrast to federal-level regulations designed to ensure financial security and avoid money laundering, MTL procedures at the state level are intended to protect consumers by ensuring the safety and security of applicants.Read:For the cryptocurrency trader: 8 characteristics that you will only find in decentralized platforms
This became the third license (MTL) issued to Binance in 2022 alone after it received licenses from West Virginia and Connecticut last January.
Binance USA now operates in 40 of the 50 states in the United States including Alaska, Arkansas and Maryland through its own and partner licenses.
In 2019, Binance was clamped down in the US for regulatory reasons, so the company moved to open a US branch of the company called “Binance.US” which it said was a separate trading platform.
In the past year, Binance was put under fire by several regulators around the world for doing business in their jurisdictions without permission.
This resulted in the crypto exchange Binance receiving several bans and warnings from countries such as South Africa, the United Kingdom, and Singapore.
With talk of crypto regulation weighing on crypto companies, especially Binance which often holds divergent views on regulation, the company has taken well-calculated steps to ensure it is on the right side of the law while noting not compromising its commitment and service to users.
For example, the CEO of Binance “CZ” has stepped up its hiring of regulatory and legal experts with the goal of achieving alignment with the constituencies in which the company operates around the world.Read:Does the return of volatility in the cryptocurrency market mean that we are at the bottom?
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