The Puerto Rico Office of the Coordinator of Financial Institutions has granted Binance.US a Money Transmitter Permit, the firm revealed in a formal statement Tuesday.
Binance.US was established as Binance CEO Changpeng Zhao’s latest initiative to market to investors in the United States after the country barred Binance’s principal operations because of regulatory issues.
CZ’s ambition of being licensed worldwide is strengthened by the business permit from Puerto Rico.
“After the successful completion of our initial round, we are happy to expand on our progress with the acceptance of this permit and are thankful for the trust of Puerto Rico,” Brian Shroder, CEO of Binance.US, said.
Binance.US area coverage
Binance.US has obtained a Money Transmitter Certificate in four locations so far this year, comprising West Virginia, Connecticut, Wyoming, and, most recently, Puerto Rico.
Over the last few months, the online asset provider has dramatically increased its footprint in the region.
Last March, Binance.US stated that it was already open to Louisiana users, bringing the total number of states to 45 where the exchange is available.
“Every state, such as Louisiana, has its own set of standards, and we’re trying to guarantee that we’ll be able to function in all states eventually,” said Sidney Majalya, Binance.US Chief Officer.
Binance’s desire to operate as a regulated corporation has been met with success in the Middle East too.
Future plans and objectives
Binance.US intends to improve its product line with new investments and numerous licenses. Furthermore, the organization emphasized the necessity of educational programs to raise digital asset literacy.
The company intends to launch a new product and service package in the near future.
The firm is now available in 45 states and seven regions, with some of the lowest prices in the market on 90+ high-quality coin offerings.
FTX raised $400 million in a fundraising phase earlier this year, valuing the company at $8 billion.
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