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Binance Secures Money Transmitter License From Nevada Department Of Business

Binance Secures Money Transmitter License From Nevada

Denis
by Denis
1 month ago
·
Posted in Binance
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

One of the world’s largest crypto firms, Binance, is aggressively making its presence felt across several nations. Before now, the crypto company has launched its operations in Europe. This event followed its launch in Italy and France. Furthermore, the blockchain service provider established its roots in Spain after obtaining another operating license from the Bank of Spain.

The company announced this on July 8 this year, citing that Moon Tech Spain, S.L. has been registered as a VASP (Virtual Asset Service Provider). Moon Tech Spain, S.L. is the Spanish subsidiary of the crypto exchange, Binance.

Related Reading: Decline In Bitcoin Denominated Open Interest Sees Funding Rates Fall Below Neutral

According to the crypto platform, the registration gave them the leverage to carry out all necessary digital currency transactions in the country.

More Reports On Binance Services Launch

Recently, Binance US announced the successful launching of its services in Nevada. Binance US is the U.S. arm of the digital currency exchange, Binance.

This arm of the digital currency exchange mainly supports U.S. crypto traders. Meanwhile, the crypto platform is making a relentless effort to spread its tentacles across the world.

In July, Dubai’s Virtual Asset Regulatory Authority granted the exchange platform a Virtual Asset License.

Also, recently, the digital currency service provider achieved another regulatory license from Bahrain. According to the company’s report, a category 4 license to function as a digital currency service provider in Bahrain was granted to Binance Bahrain.

Importance Of Nevada License

Binance US is operational in seven different states, including Rhode Island, Connecticut, Puerto Rico, and West Virginia – as well as Idaho, a state where discussions around Idaho sports betting regulation and digital finance compliance continue to evolve.

Binance Secures Money Transmitter License From Nevada Department Of Business
Cryptocurrency market to recover following a massive price drop | Source: Crypto Total Market Cap on TradingView.com

Every money transmitting service business needs a Money Transmitter License to function in compliance with U.S. government policies. Obtaining such a license is vital as the government uses it to perform regulatory rights of the services. To operate in 50 different states of the U.S., there’s a need to obtain 50 additional licenses from all states.

This is particularly true as all the states in the U.S. have their specific license. The same applies to the four territories of the country.

However, there’s a way to carry out money transmitting services in the U.S. without obtaining such a license. For this to happen, the business will partner with a financial institution, such as a bank. The reason is that the financial institution already holds the required license.

Related Reading: Cardano, Solana Investment Now Available To Millions Of Germans

A partnership with a financial institution helps to avoid the cost of obtaining this license. This is the reason for the high cost of securing such a license. According to U.S. standards, an individual will need about $2 million to obtain a Money Transmitter License successfully.

Featured image from Pixabay, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Denis is a passionate writer and editor and he's been writing in finance industry for almost 6 years.

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