Transak secures regulatory approval in two more states for crypto payments

Transak has secured remittance licenses in Illinois and Missouri, expanding its reach into the US market.

Newly acquired licenses in two US states will now be able to operate independently by Web3 payment infrastructure providers in Illinois and Missouri, and Crypto.News is exclusively visible.

The Gold Sender License, operating in the US, operates in the US with the ability to conduct remittance activities in compliance with financial laws and consumer protection regulations. In the case of Transak, these licenses allow businesses to directly promote legal transactions for residents and businesses in Illinois and Missouri.

Transak is no longer operating under external provider licenses in these states, allowing them to offer faster Fiat to Crypto transactions without intermediate delays. Additionally, the company can offer tailored payment solutions to local businesses that were previously limited by third-party compliance requirements.

MTL will enhance consumer protection by ensuring Transak’s operations are monitored under state-specific financial regulations. Additionally, the company can work with financial institutions that prefer to work with fully licensed providers.

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Illinois is recognized for its blockchain-friendly approach and serves as a hub for crypto innovation with initiatives such as the University of Illinois and the ongoing blockchain research at the Illinois Blockchain Initiative. Meanwhile, Missouri has seen an increase in the fintech ecosystem and increased adoption of crypto.

Product expansion

With both state licenses, Transak can extend its services to include remittance solutions, payroll processing, and direct cross-border payments within a compliant locally approved framework.

Bryan Keane, Americas Head of Compliance at Transak, highlighted the company’s commitment to adapt to the evolving US regulatory environment for Crypto to provide users with reliable and compliant services.

“Illinois and Missouri are just starting points for the future. We are excited to expand our reach and support the growth of our digital economy,” Keene said.

Miami-based Transak continues to expand its presence in the US market by actively pursuing state licensing. In November 2024, the company was granted remittance licenses in Alabama and Delaware, strengthening its commitment to regulatory compliance and financial transparency.

In August 2024, Transak introduced wire transfers as a new payment method to hire just 1% fees on transactions of a minimum of $2,000.

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