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CEX.IO Crypto Exchange secures Nine Money Transmitter Licenses in US Market

CEX.IO Crypto Exchange secures Nine Money Transmitter Licenses in US Market

CEX.IO cryptocurrency exchange has secured Nine Money Transmitter Licenses in the US Market. This development tuns CEX.IO as a licensed digital asset exchange in the US.

According to the announcement, Iowa, Kansas, New Mexico, Oklahoma, South Dakota, West Virginia, Maryland, Alaska and New Hampshire have granted CEX.IO a Money Transmitter Licenses ("MTL").

CEX.IO is a global cryptocurrency exchange with over 2.7 million registered users.

Executive Opinion

CEO of CEX.IO, Oleksandr Lutskevych, said, "The US customers have represented a significant portion of our client base from the very start of CEX.IO. We’ve always spent a lot of our effort and resources, serving this market, remotely up until now. A dedicated US presence will allow us to continue improving our services to our existing US clients and to focus on opening access to our platform to residents of states we have not covered before. Both meet the necessary regulatory requirements, specific for each state, and tailoring of our products to the needs of the US clients will be the cornerstone tasks for our team in America."

CEX.IO Crypto Exchange Operations in the US

FinCEN, a bureau of the US Department of the Treasury, granted CEX.IO MSB (Money Services Business) status in 2015. Till now customers from certain US states that do not require additional Money Transmitter License from Bitcoin companies, were able to deposit and withdraw fiat money. In short, the exchange was catering to US residents in the states where Money Transmitter Licenses ("MTL") license was not required.

After receiving MTL licenses, CEX.IO will expand their offering to the residents of Iowa, Kansas, New Mexico, Oklahoma, South Dakota, West Virginia, Maryland, Alaska and New Hampshire. Now CEX.IO services will be available in 28 US states. The announcement stated that CEX.IO is also planning to expand to all 50 US states and other US territories.

CEX.IO now serves customers in Alaska, Arizona, Arkansas, California, Colorado, Delaware, District of Columbia, Indiana, Iowa, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, New Hampshire, New Mexico, Oklahoma, Pennsylvania, Rhode Island, South Dakota, Utah, West Virginia, Wisconsin and Wyoming, says the announcement.

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Mandar is a seasoned software professional for more than a decade. He is Cloud, AI, IoT, Blockchain and Fintech enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about the Cloud, AI, IoT, Blockchain and Fintech and the effects they will have economically and socially in the future.

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