Binance continues to spread its wings in the United States as it obtains official approval in Nevada. Accordingly, the U.S. outlet of the world’s largest crypto exchange has been licensed by the Financial Institution Division, Nevada Department of Business and Industry.
Binance US Obtains Money Transmitter License for Operation
The American wing of Binance continues the company’s drive to seek official approval for operations worldwide. According to Brian Shroder, the CEO of Binance US, the firm is taking the necessary steps toward ensuring compliance with regulators across the United States.
In addition, Binance is focused on providing the safety of investors’ funds and making its operations as transparent as possible.
Furthermore, Schroder noted that Binance’s drive to adhere to regulations made it possible to obtain a license to operate in Nevada.
The Money Transmitter License is under the Nevada Division of Financial Institutions, which seeks to regulate the activities of entities involved in the business of issuing checks or digital asset trades. After carefully reviewing applications, the regulator gives the license to qualified companies looking to begin a business in Nevada.
As for Binance US, Nevada is the seventh jurisdiction within the United States in which it has secured a Money Transmitter License this year. Binance US is licensed in Wyoming, Idaho, Connecticut, Rhode Island, Puerto Rico, and West Virginia.
Meanwhile, Binance US has had a good year as the exchange built on its positive performance across the U.S. It is currently operational in 46 states, providing one of the lowest transaction fees in the market for more than 120 tokens listed on its platform.
Binance has a customer-centric approach to business with its new zero-fees and exceptional crypto products for its growing customer base.
More and more countries are giving Binance operating licenses to offer crypto products and services in their jurisdictions. The exchange’s focus has been on Europe, where Binance sees the market in the future, given the region’s financial infrastructure.
In July, Binance was granted a license as a Virtual Asset Service Provider (VASP) in Spain. The Bank of Spain has approved the exchange to begin offering its services in Spain, subject to local regulations.
Changpeng Zhao, Binance’s CEO, has always discussed regulations and compliance as the core of the firm’s expansion. Commenting on Spain’s approval, Zhao noted that the registration is a testament to the commitment of the Binance team toward providing a platform that users can trust.
Aside from Spain, Binance also received approval from Italy after being banned from the country in 2021. Italian authorities alleged that the exchange was not authorized to provide investment services to Italians. After a while, Binance was given the go-ahead to begin operations in the country.
Similarly, the Central Bank of Bahrain also issued a category four license to Binance to begin operations in May. Given the competition, Binance is not resting on its laurels until it has a firm grip on the crypto market.