Binance.US gains a money transmitter licence in Puerto Rico

This marks the fourth US jurisdiction in which Binance.US has received this form of licence

Binance logo on a mobile device with US flag in the background                                 
Binance.US is now a licensed money transmitter in Puerto Rico – Photo:Alamy
                                

Binance.US, the United States arm of the world’s largest cryptocurrency exchange by trading volume, has been granted a money transmitter licence by Puerto Rico.

Puerto Rico becomes the fourth jurisdiction in which Binance.US has received a money transmitter licence. The company has also received one from Wyoming, West Virginia and Connecticut.

Binance.US now operates in 45 US states, due to its partners and the licences it has received.

$200m seed round

In April, Binance.US raised over $200m (£153m) in a seed round which gave it a valuation of $4.5bn (£3.4bn) and unicorn status.

The company is also planning an initial public offering (IPO) in two to three years’ time.

Brian Shroder, chief executive officer (CEO) of Binance.US, said: “Following the successful close of our seed round, we are thrilled to build on our momentum with the receipt of this licence and are grateful for the trust of the Puerto Rico [Office of the] Commissioner of Financial Institutions.

“As America's home to buy, trade, and earn digital assets, our goal is to offer the most compliant and customer-centric exchange in all 50 states and territories. Puerto Rico, in particular, is an important market for the growth of crypto and we look forward to continuing to offer its residents secure, reliable, and low-fee access to a robust selection of tokens.”

Thailand’s largest energy company invests in Binance.US

Gulf Energy Development Public Company, the largest energy company in Thailand, has recently made an investment in Binance.US.

In a regulatory filing, Gulf Energy explained that Binance.US will use the undisclosed seed funding investment to expand its number of employees, enlarge its product portfolio and make future potential acquisitions before its planned IPO.

The two companies will also jointly study the possibilities for developing a crypto exchange platform in Thailand. In a separate regulatory filing, Gulf Energy said the two companies will push for a licence from Thailand’s financial regulator for the exchange.

Additionally, Gulf Energy said that through its subsidiary Gulf International Investment, it had invested in binance coin (BNB), which it explained was the native coin of the BNB Chain ecosystem.

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