Binance US, the highly regulated division of the firm devoted to North American clients, has been awarded a “money transmitter license” in Puerto Rico.
It marks the fourth such license approval for the company in as many months, according to the April 19 announcement. It added that it is working to acquire the few remaining licenses which will permit operations in all US states and territories.
Officially known as the Commonwealth of Puerto Rico, the Caribbean island is an unincorporated territory of the United States and has been since 1898.
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.
— Binance.US (@BinanceUS) April 19, 2022
Binance Expansion Continues
Binance US CEO Brian Shroder said the firm’s goal was to offer its fully regulated services in all of America’s 50 states and territories before adding:
“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.”
The granting of the Money Transmitter License from the Puerto Rico Office of the Commissioner of Financial Institutions follows a $200 million funding round that valued the firm at $4.5 billion.
It plans to use the capital to improve its spot trading platform, develop a suite of new products and services, and invest in marketing and customer education materials.
Binance US has received the license in three other jurisdictions this year – West Virginia, Connecticut, and Wyoming. It currently operates in 45 states and seven territories.
The firm is also rumored to be mulling an initial public offering (IPO) this year or next. A successful stock market listing would make Binance US the second crypto exchange to go public in the US after Coinbase. However, crypto services provider BlockchainCom is also preparing an IPO that could be as soon as this year.
Middle East Hub
Binance international has made aggressive moves to expand into the Middle East and North African (MENA) markets as restrictions and regulations mount in the West and many Asian countries.
Earlier this month, the company was granted an in-principal approval from Abu Dhabi Global Market. CEO Changpeng Zhao has also eyed Dubai for its global headquarters and his base. The firm also has a similar license to operate in Bahrain as it eyes the region to tap new markets and establish a base from which it can operate without pressure from overreaching central banks and financial regulators.