Binance.US gets Money Transmitter License in Puerto Rico
Binance.US announced that it has received its Money Transmitter License from the Puerto Rico Office of the Commissioner of Financial Institutions (OCIF, in Spanish).
“Following the successful close of our seed round, we’re 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,” said Binance.US CEO Brian Shroder.
“As America’s home to buy, trade, and earn digital assets, our goal is to offer the most compliant and customer-centric exchange in all 50 states and territories. 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,” he said.
The receipt of Binance.US’ Money Transmitter License in Puerto Rico comes on the heels of the company’s first external funding round, in which it raised more than $200 million from a diverse group of investors at a pre-money valuation of $4.5 billion.
Binance.US plans to use the proceeds from the funding round to enhance its spot trading platform, develop a suite of new products and services to be introduced in the near-term, and invest in marketing and consumer education initiatives.
Puerto Rico is the fourth jurisdiction in which Binance.US has received a Money Transmitter License in 2022, following West Virginia, Connecticut, and Wyoming. Through its licenses and those of its partners, Binance.US currently operates in 45 states and seven territories, offering some of the industry’s lowest fees on 90+ high-quality token listings.