Binance.US received a money transmitter license from the Office of the Commissioner of Financial Institutions in Puerto Rico, the firm revealed on April 19.
In a statement, Binance.US CEO Brian Shroder stated, “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”
Over the last few years, Puerto Rico has established itself as a crypto hub, with investor Brock Pierce pushing efforts to recruit businesses to the island, which is now known for its crypto-friendly tax rules.
Binance.US raised more than $200 million earlier this month at a pre-money valuation of $4.5 billion. This year, Binance’s U.S. subsidiary earned money transmitter licenses in West Virginia, Connecticut, and Wyoming, according to the company’s release.
Binance.US through its licenses and those of third parties, currently operates in 45 U.S. states and seven territories, according to the company.
A money transmitter license is necessary for Puerto Rico, according to the Nationwide Multistate Licensing System & Registry (NMLS) Resource Center. It is required to “offer services or engage in activities in which any order of payment is received, including, but not limited to bank drafts, checks, personal money orders, or any other means of money transmission or payment, including those carried out by electronic transfer, wire, telephone, or any other medium to be transferred to a beneficiary, and which services require the person for whom the money transmission is processed, transacted, or conducted to pay a service charge.”
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