Binance US receives a money transfer agreement in Puerto Rico, and wants to get bag permissions worldwide

Binance US receives a money transfer agreement in Puerto Rico, and wants to get bag permissions worl ...

Binance US has received permission to operate as a money transmitter in Puerto Rico. The licence will allow the crypto exchange to receive and transfer funds between users trading cryptocurrency on its platform. In the near future, Brian Shroder has reportedly stated that Puerto Rico is a key market for cryptocurrency development and adoption. The Caribbean Island is a Caribbean island that has been unincorporated in the United States territory and will have a capacity of three million people in 2021. As per several reports last year, the island will be a base for wealthy crypto

Chengpeng Zhao, Binance''s CEO, had created Binance US in order to assist the crypto community in growing in the United States. In recent times, Binance US has obtained operational licenses in three other states: Wyoming, Connecticut, and West Virginia.

Zhao, who intends to get operational licenses everywhere, shared the development on Twitter with the caption "Plus licenses."

More licenses. receives a money transmitter license in Puerto Rico

As America''s home to buy, trade, and earn digital assets, our objective is to offer the most compliant and customer-centric exchange in all 50 states and territories. Puerto Rico, in particular, is a major market for the expansion of crypto, according to Shroder in an official statement.

Cryptopreneurs'' are looking at Puerto Rico as a safe haven because there is no tax on capital gains and tax breaks for those who spend at least 183 days on the island.

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Logan Paul, a NFT investor and YouTuber, and crypto billionaire Brock Pierce are among the industry leaders who have increased their presence in Puerto Rico in recent times. Redwood City Ventures, a Bitcoin and blockchain investment firm, had also opened a facility in the United States, according to CNBC earlier this year.

Binance US received more than $200 million (about 1,525 crore) from several investors like Circle Ventures, reaching a valuation of $4.5 billion (about Rs. 34,322 crore).

The US is currently in the process of examining cryptocurrencies and national digital currencies so that a good understanding of these assets may be established.

Earlier this year, US President Joe Biden issued executive orders on the government''s oversight of the cryptocurrency industry.

Crypto holding and trading in the United States are not prohibited. The country is referring to crypto as a property rather than currency. The Internal Revenue Service (IRS) has imposed a tax on cryptocurrency transactions in the United States.

Binance is agreeing to get operational authorizations in other parts of the world. Abu Dhabi, Dubai, and Bahrain are some areas where the exchange has been officially permitted to operate.

Cryptocurrency is a non-regulated digital currency, which is subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice, or any other advice or recommendation of any kind made or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or other information contained in the article.