Transak Expands U.S. Crypto Reach with Illinois, Missouri Licenses

Transak, a leading Web3 payments infrastructure provider, has bolstered its U.S. presence by securing Money Transmitter Licenses (MTLs) in Illinois and Missouri. These licenses enable Transak to directly facilitate cryptocurrency transactions for residents and businesses in both states, expanding the accessibility and scope of its services.

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. Additionally, Transak can provide tailored payment solutions for local businesses that were previously restricted by third-party compliance requirements or limitations. This expansion enhances security and consumer protection, as Transak’s operations are directly monitored under state-specific financial regulations. Furthermore, it allows Transak to forge stronger partnerships with financial institutions and enterprises, who prefer working with fully licensed, state-compliant providers. The licenses also enable Transak to expand its product offerings, including remittance services, payroll solutions, and direct cross-border payments, all within a compliant framework.

Bryan Keane, Compliance Officer (Americas) at Transak, commented on the licenses, stating, "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."

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