Binance.US Obtains Money Transmitter License in Puerto Rico

The US-based cryptocurrency exchange is looking to expand on its suite of offerings and services after securing another license.

Binance Sources License

Cryptocurrency exchange Binance.US announced the addition of a ‘Money Transmitter License’ that will allow them to operate in Puerto Rico. This marks the fourth such license in the last four months for the US-based version of Binance with West Virginia, Connecticut, and Wyoming marking the other three. Binance.US now operates in a total of 45 states and 7 territories.

The latest license acquisition––confirmed via Twitter and Binance US blog on April 19––comes shortly after recently securing a $4.5 billion valuation with their first successful $200+ million seed round. The investor list was long and included firms such as RRE Ventures, Foundation Capital, Original Capital, VanEck, and Circle Ventures. According to an April 6 blog post, Binance.US will be utilizing the funds to scale its offerings by developing a new line of products and services in addition to increasing brand visibility and educational initiatives.

“Following the successful close of our seed round, we are thrilled to build on our momentum with the receipt of this license and are grateful for the trust of the Puerto Rico [Office of the] Commissioner of Financial Institutions,” said Brian Shroder, Chief Executive Officer of Binance.US. “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.”


It will be interesting to see how Binance.US continues to proceed with its expansionary approach given its restrictive nature geographically speaking. Note that Binance.US is an off-shoot of Binance and is technically a different organization. Users in the United States are not permitted to use Binance but can access Binance.US––of course, given they are operating in the state. 

Where to find Binance.US:

Website | Telegram | Twitter | Instagram | LinkedIn | Reddit | Youtube | Facebook

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