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Binance US obtains money transmitter license in Nevada

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Binance US, the United States Subsidiary of one of the most popular crypto exchanges, has secured its money transmitter license in Nevada. The protocol confirmed the development in a press release on its official handle. The Nevada Department of Business and Industry, Financial Institutions Division issued the license.

As one of its crypto expansion plans, the exchange aims to make provisions for regulated payment services across the fifty states and territories in America. This development is coming under the leadership of the newly appointed CEO of the exchange, Brian Shroder. 

According to Shroder, Binance will continuously take steps that conform to its operation across the United States. He also stated the exchange would ensure its platform is safe and transparent while providing security for customers’ assets.

In addition, Shroder stated the recently secured license is evidence of its ongoing compliance efforts. He further appreciated the Nevada Department of Business and Industry for investing their time and trust in the exchange.

Nevada is now the 17th jurisdiction where the exchange obtained a Money Transmitter license in 2022. Earlier this year, the exchange secured the same permit in West Virginia, Connecticut, Wyoming, Rhode Island, Idaho, and Puerto Rico.

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The exchange offers over 120 cryptos that investors can trade. It has also established its presence in over 46 States, including Puerto Rico. The exchange further stated it had extended its customer support teams and tools to attain its goal of serving as the “most customer-centric organization.” Also, more products and services such as staking with an APY of up to 15% are now available.

Binance US is following the Coinbase exchange lead by vying for an Initial Public Offering in the US; however, the US SEC criticized the move. According to reports, Shroder was appointed due to his positive view of Binance US’ public listing.

So far, the year has been a fantastic year for the exchange. It recently obtained regulatory incense from authorities in Italy and France. It also received an In-principle license from the Astana Financial Services Authority (AFSA). It acquired the license to operate a Digital Asset Trading Facility and Provide Custody in the Astana International Financial Centre (AIFC).

Binance has also been very active in containing the menace of exploitation in the crypto industry. Recall that it recently helped Curve Finance to recover the funds stolen by exploiters on its network. According to reports, the recovered funds amount to about $450,000. Binance has started working towards returning the stolen funds to the DeFi protocol.

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