Binance’s US subsidiary announced that it had received a money transmitter license from the Nevada Department of Business and Industry, Financial Institutions Division.
The latest activity is part of the company’s plans to offer its fully regulated services in all 50 states and territories of America.
Commenting on the license approval, Binance US Chief Executive Officer Brian Shroder said,
“We continue to take the essential steps to ensure that we are compliant in the United States, that our customers’ assets are safe, and that our platform is secure and transparent. Receiving our Money Transmitter License in Nevada is further evidence of our ongoing compliance efforts, and we are grateful for the time and trust of the Nevada Department of Business and Industry.”
According to the announcement, Binance US has already received money transfer licenses from West Virginia, Connecticut, Wyoming, Rhode Island, Idaho, and Puerto Rico.
With the recent development, Nevada has become the seventh jurisdiction in which the exchange has been licensed to operate.
Binance US recently received the money transfer license in Puerto Rico.
Since intense scrutiny by multiple global regulators in 2021, the parent company – Binance International – has hired new compliance staff.
This helped the company aggressively expand its footprint around the world despite the current market downturn.
In recent months, the company has extended into the Middle East and North Africa (MENA) markets as restrictions and regulations have tightened in the West and many Asian countries.
It also tapped. A permit in Kazakhstan and Italy. The company is aiming to expand to Germany as well.