Binance continues to increase their influence and secures key license

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Last Updated on August 19, 2022 by Bitfinsider

The cryptocurrency exchange Binance‘s US subsidiary, Binance US, has announced that it has been granted a Nevada money transmitter license. Nevada is the sixth state to offer Binance US a license.

The company has received licenses from West Virginia, Connecticut, Wyoming, Rhode Island, Idaho, and Puerto Rico.

The Financial Institutions Division of the Nevada Department of Business issued this license to Binance US.

The reason why this license is important

Every company that offers money-transfer services must have a money-transmitter license. The United States has distinct money transmitter licenses for each of its 50 states and four territories. State governments are able to regulate the services at their own level thanks to the license.

By collaborating with a bank or another license holder, certain businesses may be able to avoid the requirement for a license. By taking such action, the license’s legal protection is provided without incurring further expense. As a result, getting a money transmitter license in the US doesn’t come cheap. State fees for a single license can reach $2 million. A license application takes time to complete.

By acquiring the license, Binance US is able to take root at the state level in the US. The business expressed its satisfaction with the choice and noted that it is currently active in 46 states as well as Puerto Rico.

Global Expansion of Binance

Binance has been actively extending its dominance throughout the world even as Binance US has been getting regulatory support in the United States. The Virtual Asset Regulatory Authority in Dubai recently granted Binance a virtual asset license.

Additionally, Bahrain has recently provided them with a lot of regulatory support. As a provider of digital asset services, Binance Bahrain was granted a Category 4 license. Additionally, France and Italy granted it important permits.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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