Transak Bolsters US Footprint with Illinois, Missouri MTLs

Transak, a leading payments infrastructure solutions provider for Web3, has bolstered its U.S. regulatory footprint by securing Money Transmitter Licenses (MTLs) in Illinois and Missouri. This strategic move allows the company to receive direct cryptocurrency payments from businesses and customers, strengthening its service suite and expanding its regulatory reach across these crucial states.

The acquisition of MTLs in Illinois and Missouri enables Transak to mitigate third-party license dependency and exercise direct oversight in these operational states. Securing MTLs is a vital regulatory requirement for money transmission business operators in the U.S., enhancing Transak's security measures, compliance rates, and operational efficiency. This development allows the company to process fiat-to-crypto transactions more quickly and efficiently, and offer bespoke payment solutions to businesses. Additionally, it fosters stronger partnerships with financial institutions that prefer working with fully licensed entities, further expanding Transak's product offerings, including remittances, payroll payouts, and cross-border direct payments.

In Illinois, Transak is now poised to meet the increasing demand for blockchain solutions, gaming, and decentralized finance (DeFi) with its new MTL license. This license enables the company to expand its services in the state, directly assisting businesses and developers in utilizing cryptocurrency payments and services. Meanwhile, in Missouri, Transak gains access to an active fintech ecosystem with growing interest in cryptocurrency adoption. The license opens up the firm to offering regulated fiat-to-crypto services for businesses and individuals, promoting financial inclusion through direct remittances and payroll processing for companies accepting crypto through Transak.

Transak's latest license approvals follow its previous MTL deals in Alabama and Delaware, demonstrating its commitment to financial regulation and transparency in the U.S. The company remains dedicated to maintaining compliance as it continues to grow its presence nationwide by acquiring additional state licenses. As 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. The company's Americas Compliance Officer, Bryan Keane, emphasized its pro-compliance mindset, stating that obtaining such licenses proves Transak's commitment to regulatory excellence and trust by users.

With a presence in Miami, London, Milan, Dubai, and Hong Kong, Transak leads the Web3 payment space, boasting more than 8.3 million users from 16