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Transak Expands U.S. Presence With Illinois & Missouri Money Transmitter License Approval
Miami, Florida, February 20th, 2025, Chainwire
Transak, a leading Web3 payments infrastructure provider, has secured Money Transmitter Licenses (MTLs) in Illinois and Missouri, further strengthening its regulatory footprint in the United States. These newly acquired licenses enable Transak to directly facilitate cryptocurrency transactions for residents and businesses in both states, expanding the accessibility and scope of its services.
These new licenses empower Transak USA to operate independently in these states, directly facilitating cryptocurrency transactions for residents and businesses, expanding the scope of services available in the state.
A Money Transmitter License (MTL) is a critical regulatory requirement for financial and payment companies operating in the U.S. It authorizes businesses to engage in money transmission activities, ensuring compliance with financial laws and consumer protection regulations. For Web3 payment providers like Transak, an MTL enables the direct facilitation of fiat-to-crypto transactions, increasing security, compliance, and operational efficiency.
The addition of these two key state licenses allows Transak to move beyond the limitations of operating under external provider licenses. Transak can now:
- Offer faster and more seamless fiat-to-crypto transactions without intermediary delays, ensuring a smoother user experience.
- Provide tailored payment solutions for local businesses that were previously restricted by third-party compliance requirements or limitations.
- Enhance security and consumer protection, as Transak’s operations are directly monitored under state-specific financial regulations.
- Forge stronger partnerships with financial institutions and enterprises, who prefer working with fully licensed, state-compliant providers.
- Expand its product offerings, including remittance services, payroll solutions, and direct cross-border payments, all within a compliant framework.
“Securing two Money Transmitter Licenses in such a short span is a testament to the team’s commitment to regulatory excellence and user trust. By securing Money Transmitter Licenses across key states like Illinois and Missouri, we are ensuring a trusted and compliant environment for users, businesses, and developers who rely on our payments infrastructure,” said Bryan Keane, Compliance Officer (Americas) at Transak.
The Illinois MTL positions Transak to tap into one of the most blockchain-forward states in the U.S. Known for the Illinois Blockchain Initiative (IBI) and top-tier blockchain research at the University of Illinois, the state has long been a hub for crypto innovation. With the Illinois MTL, Transak can now offer its full suite of services to support the growing demand for decentralized finance (DeFi), gaming, and blockchain-based applications.
Securing the Missouri MTL opens up fresh opportunities in a state known for its vibrant fintech ecosystem and a growing interest in crypto adoption. The new license enables Transak to cater to local businesses and individuals seeking regulated fiat-to-crypto solutions, bringing compliance and trust to a rapidly expanding market. Moreover, it positions Transak to facilitate payroll processing for crypto-friendly companies, offer direct remittance services, and support financial inclusion initiatives across the region.
These back-to-back licenses in Illinois and Missouri follow Transak’s previous approvals in other key U.S. states, namely Alabama and Delaware, reinforcing its commitment to regulatory compliance, financial transparency, and commitment to support more users across the United States. As part of its long-term strategy, Transak aims to secure licenses in additional states.
With its existing registration as a Money Services Business (MSB) under the Financial Crimes Enforcement Network (FinCEN) and its ISO/IEC 27001 certification, Transak is well-positioned to uphold the highest standards of security, compliance, and financial integrity.
“The U.S. regulatory landscape for crypto is evolving rapidly, and our goal is to stay ahead by securing the necessary licenses to serve our users with the confidence and trust they deserve,” added Keane. “Illinois and Missouri are just the start of what’s to come. We’re excited to expand our reach and support the digital economy’s growth,” added Bryan Keane, Compliance Officer (Americas) at Transak.
As Transak continues its expansion in the U.S., the company is actively working to secure additional state licenses, further increasing its coverage and accessibility.
About Transak
Transak is the world’s most compliant and largest Web3 payments infrastructure provider, serving over 8.3 million users across 160+ countries. It powers 450+ platforms, facilitating the purchase and sale of digital assets with its API-driven fiat-crypto on/off-ramp, NFT checkout, and other solutions that simplify KYC, compliance, payment methods, and customer support.
Headquartered in Miami, US, and incorporated in Delaware, Transak has a tech hub in Bengaluru and offices in London, Milan, Dubai, and Hong Kong.
For more information, visit transak.com or follow us on x.com/transak and linkedin.com/company/transak