Transak secures Money Transmitter License in Alabama, plans further US expansion

Transak USA LLC, a leading web3 payments infrastructure provider, has officially been granted its first Money Transmitter License (MTL) by the Alabama Securities Commission.

This milestone marks a significant advancement in Transak’s efforts to build a secure, regulated, and comprehensive infrastructure for cryptocurrency services across the United States.

Transak’s commitment to regulatory compliance

Transak’s newly acquired license, viewable via the Nationwide Multistate Licensing System (NMLS) with ID 2362652, signals the company’s commitment to adhering to stringent financial regulations.

As a registered Money Service Business with FinCEN, Transak aims to secure more state licenses, thereby expanding its reach in the US crypto market.

Currently, Transak covers 46 states for cryptocurrency purchases and is well on its way to extending these services further.

For users, this MTL provides enhanced security and trust. Transak now operates under rigorous regulatory oversight, ensuring that users’ transactions comply with financial laws and are securely processed.

By obtaining state licenses, Transak positions itself as a fully regulated financial institution, reinforcing the company’s dedication to making cryptocurrency accessible, reliable, and secure.

Improved services and future plans

With the Alabama MTL, Transak can offer an improved experience for customers, providing faster transaction processing and wider cryptocurrency support.

The license also enables decentralized applications integrated with Transak’s products to deliver a smoother crypto purchasing process, making it easier for users to enter the market with confidence.

Bryan Keane, Compliance Officer at Transak, stated,

Obtaining the Money Transmitter License in Alabama showcases the team’s commitment to compliance and Transak’s mission to make cryptocurrency accessible and secure for everyone. Our goal is to acquire licenses in every state, ensuring that users experience the highest standards of security, speed, and reliability.

This expansion solidifies Transak’s position as the largest web3 payments infrastructure provider, serving over 5.7 million users across 160+ countries.

The US remains a key focus for the company, with efforts underway to secure regulatory approval from additional states, which will allow Transak to provide larger cryptocurrency options and stronger partnerships.

Further regulatory plans and US growth

Transak’s long-term vision is to integrate cryptocurrency into mainstream financial systems by becoming fully compliant across the United States.

CEO Sami Start emphasized the importance of compliance, stating,

The US is one of our largest markets, and we are committed to delivering the best possible services here. Securing state licenses like this one is essential to achieving that goal.

With more state licenses in the pipeline, Transak is poised to expand its offerings and provide a comprehensive cryptocurrency experience for users in nearly every state, ensuring that crypto services meet the highest regulatory standards.

The post Transak secures Money Transmitter License in Alabama, plans further US expansion appeared first on Invezz