- Transak secures the first Money Transmitter License (MTL) in Alabama.
- This license improves security, speed, and compliance for U.S. cryptocurrency services.
- Transak is targeting additional state licenses as it strengthens its Web3 payments infrastructure.
On October 3, 2024, Transak USA LLC achieved a significant milestone by securing its first Money Transmitter License (MTL) from the Alabama Securities Commission.
This regulatory approval establishes Transak as a fully licensed financial institution in the state, a key step in its mission to provide secure and accessible cryptocurrency services across the United States.
Transak expands presence in the U.S.
Alabama MTL solidifies Transak’s commitment to regulatory compliance and highlights the company’s commitment to creating a secure and transparent infrastructure for cryptocurrency trading in the United States.
With cryptocurrency purchases already available in 46 states, the company is actively working to secure additional licenses across the country. This proactive approach highlights Transak’s determination to make cryptocurrencies more accessible and comply with stringent financial regulations.
As a FinCEN-registered financial services provider, Transak’s new license is an important signal of trust for users. This allows the company to offer improved security, faster transactions, and a more seamless user experience for cryptocurrency purchases in Alabama. The move will also benefit the decentralized platform integrating with Transak’s services, allowing it to provide users with a more seamless and compliant cryptocurrency purchasing experience.
“Obtaining our money transmitter license in Alabama demonstrates our commitment to compliance and our mission to make cryptocurrency accessible and safe for everyone,” said Bryan Keane, director of compliance at Transak.
At the same time, Transak CEO Sami Start emphasized the importance of the US market, saying, “Securing a state license like this is essential to providing the best service here.”
With over 5.7 million users across 160 countries, Transak continues to expand its position as the largest Web3 payment infrastructure provider. Headquartered in Miami and with additional offices and technology hubs globally, Transak continues to focus on obtaining more state licenses in the U.S. to ensure users can enjoy an increasingly reliable and legally compliant cryptocurrency experience.
Alabama MTL marks a significant step forward for Transak as it strengthens its position in one of the most regulated and lucrative markets in the world.