Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Transak secures key licenses in Canada and Delaware

Transak secures key licenses in Canada and Delaware

GrafaGrafa2024/11/04 17:37
By:Mahathir Bayena

Transak, a Web3 payments platform based in Miami, has recently strengthened its regulatory presence in North America by securing two significant licenses in Canada and the United States.

In Canada, Transak has registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business (MSB), ensuring compliance with strict anti-money laundering (AML) and anti-terrorist financing (ATF) regulations.

This registration enables Transak Canada to operate under FINTRAC’s oversight, implementing Know Your Customer (KYC) protocols and monitoring for suspicious activities to provide a secure environment for Canadian users engaging in digital asset transactions.

In the United States, Transak USA LLC obtained a Money Transmitter License (MTL) in Delaware, adding to its initial license from Alabama, which was secured in September.

The Delaware MTL authorises Transak to offer regulated crypto services, including the buying and off-ramping of digital assets, to both residents and businesses in the state.

According to the Transak team, these licenses are part of a broader compliance strategy as the company seeks to establish a regulated presence across multiple states within the expanding U.S. cryptocurrency sector.

Transak’s recent regulatory achievements align with its goals of providing reliable and secure crypto services amid rising cryptocurrency adoption in North America.

According to Transak, approximately 13% of Canadians owned Bitcoin (CRYPTO:BTC) in 2021, reflecting a growing interest in digital assets.

With FINTRAC registration, Transak reinforces its commitment to adhering to Canadian financial regulations, while the Delaware MTL positions Transak to expand its service offerings in the U.S. market.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

ChatGPT’s head of product to testify in the DOJ’s antitrust case against Google

Share link:In this post: ChatGPT’s head of product, Nick Turley, has been added as a witness for the United States Department of Justice (DOJ) in its antitrust case against Google. Nick Turley is the latest addition to the witness list that features representatives from Perplexity and Microsoft. Google ramps up preparation for Turley’s testimony by asking for documents related to the hearing from OpenAI through a subpoena.

Cryptopolitan2025/01/18 16:01

SEC charges New York blockchain engineer over GME rug pull fraud

Share link:In this post: Eric Zhu settled SEC fraud claims for orchestrating a rug pull scheme involving Game Coin. Zhu allegedly misappropriated $553K by moving unlocked liquidity provider tokens to his control. The case marks one of SEC Chair Gary Gensler’s final enforcement actions.

Cryptopolitan2025/01/18 16:01