- Transak secures MTLs in Illinois and Missouri, expanding US crypto transaction possibilities.
- The move improves compliance, accelerates transactions, and promotes financial access in important markets.
Transak, the top payments infrastructure solutions firm for Web3, has advanced its United States regulatory footprint with the acquisition of Money Transmitter Licenses (MTLs) in the states of Illinois and Missouri. The newly achieved MTLs allow the company to receive direct cryptocurrency payments from both businesses and customers. This expansion strengthens its suite of services and broadens its regulatory footprint across these strategically crucial states. With these licenses, Transak mitigates its third-party license dependency and, therefore, exercises direct oversight across these operational states.
It is one of the most vital regulatory requirements of money transmission business operators in the United States for securing a Money Transmission License (MTL), subject to being in line with consumer and financial protection legislation. The acquisition of such licenses enhances Transak’s security measures, compliance rates, and operational efficiency. Transak’s success allows it to process fiat-to-crypto transactions more quickly and efficiently. It also enables the company to provide bespoke payment solutions to businesses. Additionally, Transak forms stronger partnerships with financial institutions that prefer working with fully licensed entities. This growth further expands its product offerings, including remittances, payroll payouts, and cross-border direct payments.
Enabling Growth in Major Cryptocurrency Markets
Illinois has continued to lead blockchain innovation through the Illinois Blockchain Initiative and other premier research centers such as the University of Illinois. Transak is now prepared to meet the increasing demand for blockchain solutions, gaming, and decentralized finance (DeFi) in Illinois with its new MTL license. This license enables the company to expand its services in the state. Transak can now directly assist businesses and developers in utilizing cryptocurrency payments and services.
Transak in Missouri enjoys access to an active fintech ecosystem in which interest in the adoption of cryptocurrency is growing. The license opens up the firm to offering regulated fiat-to-crypto services for businesses and individuals, which amounts to increased financial inclusion. Direct remittances and payroll processing for companies accepting crypto through Transak deepen its hold on a fast-growing market.
Transak’s latest license approvals follow its previous Alabama and Delaware MTL deals, reinforcing its commitment to financial regulation and transparency in the U.S. The company remains dedicated to maintaining compliance as it grows its presence. To sustain its long-term vision, Transak will continue acquiring additional state licenses to expand its reach nationwide.
Being a registered Money Services Business (MSB) with FinCEN and an ISO/IEC 27001 accredited provider, Transak maintains the highest level of security and financial integrity. Transak’s Americas Compliance Officer Bryan Keane highlighted the company’s pro-compliance mindset by commenting that obtaining such licenses proves its commitment to regulatory excellence and trust by users.
Based in Miami and London, Milan, Dubai, and Hong Kong, Transak remains a leader in the Web3 payment space. It boasts more than 8.3 million users from 160 countries and supports more than 450 platforms via API-driven fiat-to-crypto solutions. With its accelerated US expansion, Transak remains focused on providing seamless, compliant, and secure digital asset transactions for users everywhere.
