Binance, the top global crypto exchange, recently announced that its subsidiary in the United States had been granted a Money Transmitter License in the state of Nevada.
This is the seventh state where Binance has been granted such a license, as the crypto exchange is focused on expanding its operations throughout the US.
The other states, along with Nevada, where Binance.US has been granted a Money Transmitter License include West Virginia, Puerto Rico, Rhode Island, Idaho, Connecticut, and Wyoming.
Binance to ensure compliance
According to the leading crypto exchange, it wishes to continue its expansion because it wants access to more markets.
With the help of these licenses, Binance US will be able to facilitate clients in various areas of the country.
Brian Shroder, the chief executive of Binance US, also talked about the recent development. He said that they would continue to take the steps required for being operationally compliant in the US.
Shroder said that the license was proof of the compliance efforts that Binance has been making for quite a while and it would continue working with regulatory authorities for maintaining compliance standards.
2022 has not been a good year for the crypto industry and this has taken a toll on a number of companies that operate in it.
However, the same cannot be said for Binance, as the world’s largest crypto exchange in terms of trading volume, has had a good year, as reflected in its market valuation.
In a seed funding round that the crypto exchange had conducted back in April, it had managed to raise $200 million, which had boosted its market valuation to a whopping $4.5 billion.
Some of the participants of the funding round had included names like Circle Ventures, RRE Ventures, Original Capital, VanEck and Foundation Capital.
According to Binance, after receiving this license and taking into account the licenses of its partners, the exchange is now operating in 46 states of the US.
The crypto exchange also revealed that it has plans of expanding its operations to all 50 states and territories in the United States.
Last year, the exchange had come under serious scrutiny from regulatory authorities all over the globe and this has resulted in a lot of problems for it.
Since then, Binance has been making efforts to become regulatory compliant in the jurisdictions it operates in and has managed to get in some of the good books.
In order to operate within regulatory corridors, the crypto exchange has hired a number of compliance personnel.
This has enabled Binance to continue expanding to new markets and offer new services, even though the crypto market is experiencing a downturn.
Apart from the United States, Binance has also managed to obtain operational licenses in Kazakhstan and Italy and it is also trying to do the same in Germany.
In addition, the company has also made efforts to expand its operations in the North African (MENA) region and in the Middle East as well.