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The Department of Business in Nevada sanctioned a money transmission licence for Binance

Listed among the world’s largest crypto exchange companies, Binance has recently launched its operational wing in Europe. Even France and Italy embraced Binance’s presence. In the end, the Bank of Spain gave the crypto exchange a licence to do business in the country.

On August 8th, the Spanish subsidiary of Binance—Moon Tech Spain, S.L., was registered as a Virtual Asset Service Provider (VASP) in Spain. A representative from the crypto exchange said that by registering as a VASP, they now have more power to handle all the digital currency transactions they need to.

What do the service reports of Binance suggest?

The US branch of Binance announced the launch of operations and services in Nevada. The Binance US arm of the crypto exchange has been established to support the crypto traders of the country. Meanwhile, the crypto-giant is making every effort to expand globally.

Recently, in July, Binance gained a virtual asset licence from the Virtual Asset Regulatory Authority of Dubai. Also, Bahrain gave access to Binance for operating in the country.

What changes will the Nevada licence offer to the crypto platform?

Now that Binance has obtained its money transmitting licence from Nevada, the crypto exchange is functional across seven different states in the United States, including Puerto Rico, West Virginia, Connecticut, Rhode Island, and more.

In compliance with United States government policies, every crypto exchange needs to have a money transmitter licence to offer money exchange or transfer services in the country.