Transak has obtained a money transmitter license in Illinois and Missouri, which is expanding its access to the US market.
The newly acquired license in two American states will enable the web3 payment infrastructure provider to operate independently in Illinois and Missouri, Crypto.news can specifically confirm.
A money transmitter license provides the ability to engage in money transmission activities in compliance with financial laws and consumer protection rules in the United States. For transu, obtaining these licenses provides the firm directly fiat-to-crypto transactions for residents and businesses in Illinois and Missouri.
Since Transak will no longer function under external provider licenses in these states, it can now offer a fierce-to-crypto transaction without an intermediary delay. Additionally, the firms can provide silver payment solutions for local businesses that were previously restricted by third-party compliance requirements.
MTL also strengthens consumer protection by ensuring that the operation of transu is monitored under state-specific financial rules. In addition, it allows the company to collaborate with financial institutions that prefer to work with fully licensed providers.
Illinois is recognized for its blockchain-friendly approach and acts as a hub for crypto innovation, with initiatives such as blockchain research in the ongoing blockchain research at the University of Illinois and Illinois blockchain. Meanwhile, Missouri has a fintech ecosystem and growing crypto is increasing.
Extension of product offerings
With licenses in both states, the transak can expand its services to include an obedient, locally recollection solutions within a locally approved structure, payroll processing and direct border payments.
Brian Keen, a compliance officer for the US in Transu, emphasized the firm’s commitment to the US regulatory landscape for crypto, to provide users with reliable and obedient services to Crypto.
“Illinois and Missouri are just the beginning of the coming time. We are excited to expand our access and support the development of the digital economy, ”said Keen.
The headquarters in Miami, Transak, actively continued to expand its presence in the US market by pursuing the state license. In November 2024, the firm was granted a money transmitter license in Alabama and Delaware, which strengthens its commitment to regulator compliance and financial transparency.
In August 2024, Transak introduced wire transfer as a new payment method to make the crypto crypto easier for its American customers, with a minimum transaction of just 1% with a minimum transaction of $ 2,000.
