• Crypto & Funx
• 21 Nov, 2024

Transak obtained two money transmitter licenses in Delaware and Canada to legally provide crypto payments and on-ramp services to customers in the region.

The company had previously received the same license in the US state of Alabama, expanding its presence across the nation.

Transak’s long-term goal remains to become a nationally recognised crypto payments firm, providing its suite of product offerings across the country.

to an announcement on November 1, the company’s US arm, Transak USA LLC, was granted its second Money Transmitter License (MTL) in Delaware, following an earlier license in Alabama. Meanwhile, its Canadian subsidiary, Transak Canada, has officially registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), allowing it to operate as a fully compliant Money Services Business (MSB) across the nation.

Transak to Expand US Presence with More MTL Licenses

The new regulatory milestone marks a critical step in the company’s aim to establish itself as a fully regulated financial service provider within the fast-evolving Web3 economy. Transak said the Delaware license allows it to operate as a compliant crypto service provider within the state. Delaware residents and businesses will now be able to access the company’s full suite of products including its crypto purchasing and off-ramping services.

The company’s CEO Sami Start said the MTL licenses align with the company’s dedi

Transak revealed that it will continue to pursue additional Money Transmitter Licenses in other US states. The plan is part of its goal of achieving national compliance for its services, making it easier for US users to buy, sell, and integrate cryptocurrencies into their everyday financial activities.

Transak Enters the Canadian Market

Meanwhile, across the border, Transak Canada’s recent registration with FINTRAC enables it to serve the Canadian market as a Money Services Business. This designation is crucial for financial service providers operating in Canada, where regulatory oversight ensures adherence to anti-money laundering and financial security standards.

Many crypto companies including Binance, Bybit, and Gemini the market due to unfavorable regulatory environments. Despite this, Canada continues to see crypto companies like Transak entering the country to better service its customers.

Commenting on the registration, Bryan Keane, Transak’s Compliance