Binance US announced yesterday that it has received its ‘Money Transmitter License’ from the Puerto Rico Office of the Commissioner of Financial Institutions.
Brian Shroder, Chief Executive Officer of Binance US said, “Following the successful close of our seed round, we are thrilled to build on our momentum with the receipt of this license and are grateful for the trust of the Puerto Rico [Office of the] Commissioner of Financial Institutions.”
Calling America the hub of crypto trade, Shroder outlined the firm’s goal to provide the most compliant and customer-centric exchange in all 50 states and territories, especially Puerto Rico.
As Puerto Rico is a prominent market for the growth of crypto, Binance US looks forward to continuing to give its residents secure, reliable, and low-fee access to a robust selection of tokens.
Following the firm’s first external fundraising round, Binance US received its Money Transmitter License in Puerto Rico.
In early April, Binance US raised over $200 million in the round at a pre-money valuation of $4.5 billion. With the funds, Binance US intends to improve its spot trading platform, develop a range of new products and services and invest in marketing and consumer education initiatives.
Binance US had already received Money Transfer License in jurisdictions including West Virginia, Connecticut, and Wyoming and now joining them is Puerto Rico.