Outside Source
Transak has secured Money Transmitter Licenses in Illinois and Missouri, expanding its reach into the U.S. market.
The newly acquired licenses in the two U.S. states will enable the web3 payment infrastructure provider to operate independently in Illinois and Missouri, crypto.news can exclusively confirm.
A Money Transmitter License grants firms operating in the United States the ability to engage in money transmission activities in compliance with financial laws and consumer protection regulations. For Transak, obtaining these licenses allows the firm to directly facilitate fiat-to-crypto transactions for residents and businesses in Illinois and Missouri.
Since Transak will no longer operate under external provider licenses in these states, it can now offer faster fiat-to-crypto transactions without intermediary delays. Additionally, the firm can provide tailored payment solutions for local businesses that were previously restricted by third-party compliance requirements.
The MTL also strengthens consumer protection by ensuring that Transak’s operations are monitored under state-specific financial regulations. Moreover, it allows the company to collaborate with financial institutions that prefer working with fully licensed providers.
Illinois is recognized for its blockchain-friendly approach and serves as a hub for crypto innovation, with initiatives such as ongoing blockchain research at the University of Illinois and the Illinois Blockchain Initiative. Meanwhile, Missouri has a growing fintech ecosystem and increasing crypto adoption.
Expansion of product offerings
With licenses in both states, Transak can expand its services to include remittance solutions, payroll processing, and direct cross-border payments within a compliant, locally approved framework.
Bryan Keane, compliance officer for the Americas at Transak, emphasized the firm’s commitment to adapting to the evolving U.S. regulatory landscape for crypto to provide users with trustworthy and compliant services.
“Illinois and Missouri are just the start of what’s to come. We’re excited to expand our reach and support the digital economy’s growth,” Keane said.
Headquartered in Miami, Transak continues to expand its presence in the U.S. market by actively pursuing state licenses. In November 2024, the firm was granted Money Transmitter Licenses in Alabama and Delaware, reinforcing its commitment to regulatory compliance and financial transparency.
In August 2024, Transak introduced wire transfers as a new payment method to make purchasing crypto easier for its U.S. customers, employing a fee of just 1% with a minimum transaction of $2,000.
This article first appeared at crypto.news
