The US arm of Binance has been awarded a money transmitter license in Puerto Rico by the Office of the Commissioner of Financial Institutions.
The firm’s CEO, Brian Shroder, says that Puerto Rico remains a crucial market in pushing regulatory approvals in multiple jurisdictions, including all the US states.
The announcement notes that Binance US currently operates in 45 states and seven territories. It adds that the firm closed a funding round of $200 million in April at a $4.5 billion valuation.
Binance US has also received similar licenses in the US states of Connecticut, Wyoming, and West Virginia. The subsidiary caters to the US investors after its operations were banned in the country over regulatory concerns.
The announcement comes as Binance wins similar approvals in the Middle East to work as a regulated cryptocurrency exchange, including in Bahrain and Dubai markets.