Binance US receives Money Transmitter approval in Nevada, further expanding its presence in the US

The United States subsidiary of the crypto exchange giant Binance, Binance US, has recently received its Money Transmitter License from the Nevada Department of Business and Industry, Financial Institutions Division.

On Thursday, the exchange’s US division announced the new approval and said that it is a part of its plans to offer fully regulated services in all 50 states and territories of America. Binance US Chief Executive Officer Brian Shroder commented on the license.

“We continue to take the necessary steps to ensure we are operationally compliant across the United States, our customers’ assets are secure, and our platform is safe and transparent. Receiving our Money Transmitter License in Nevada is further evidence of our ongoing compliance efforts, and we are thankful for the time and trust of the Nevada Department of Business and Industry,” Shroder stated.

Nevada becomes 7th state for Binance US to obtain a money transmitter license

Following West Virginia, Connecticut, Wyoming, Rhode Island, Idaho, and Puerto Rico, Nevada is the seventh state where Binance US has obtained a money transmitter license for the year 2022. Binance US presently operates in 46 states and Puerto Rico through its own licenses and those of its partners.

Binance made its official debut in the Middle East and North America (MENA) area in December when it became the first trading platform to obtain an operating license from Bahrain, the first state in the Gulf.

The parent company, Binance International, has hired new compliance experts as a result of the heavy scrutiny it received from numerous international watchdogs in 2021. Due to this, the company was able to rapidly grow its global reach despite the ongoing market slowdown.

As constraints and regulations increased in the West and several Asian nations, the company expanded into the Middle East and North African (MENA) markets recently.

While the exchange has received regulatory approval in both Kazakhstan and Italy, Binance US is interested in growing its presence in Germany as well.