Binance US is Allowed to Transfer Money in Puerto Rico

Written by C, Fiona

Last updated: 2022-04-20

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The U.S. division of the binance cryptocurrency exchange has obtained another license because its global expansion momentum continues to open up new markets.

Binance US is a highly regulated Department of the company that specializes in customers in North America. It has obtained a “money transmitter license” in Puerto Rico. According to the announcement on April 19, this marks the fourth time that the company has obtained such a license in a few months. It added that it was working to obtain the remaining licenses that would allow it to operate in all States and regions of the United States.

The official name of the Caribbean island is the Commonwealth of Puerto Rico, an unincorporated territory of the United States, which has been the case since 1898.

Binance Continues to Expand

Brian Shroder, chief executive of Binance US, said the company’s goal is to provide its fully regulated services in all 50 states and regions in the United States, and then increase them.
“Puerto Rico, in particular, is an important market for cryptocurrency growth, and we look forward to continuing to provide its residents with safe, reliable and low-cost token options.”

Prior to obtaining a money carrier license from the office of the Commissioner of financial institutions of Puerto Rico, the company conducted a round of financing of $200 million, valued at $4.5 billion.

The company plans to use the money to improve its spot trading platform, develop a new set of products and services, and invest in marketing and customer education materials. Binance Us obtained licenses in three other jurisdictions this year – West Virginia, Connecticut and Wyoming. It currently operates in 45 states and 7 regions.

It is rumored that the company is still brewing an initial public offering (IPO) this year or next year. The successful listing of the stock market will make Binance Us the second cryptocurrency Exchange listed in the United States after coinbase. However, blockchaincom, a cryptocurrency service provider, is also preparing for an IPO, possibly as soon as this year.

Middle East Hub

With the increase of restrictions and regulations in the West and many Asian countries, binance international has taken positive actions to expand into the Middle East and North Africa (MENA) market.

Earlier this month, the company was approved in principle by the Abu Dhabi global market. CEO Zhao CHANGPENG also made Dubai its global headquarters and his base. The company has a similar license in Bahrain because it focuses on the region to develop new markets and establish a base that can operate without pressure from excessive central banks and financial regulators.

Binance US