Transak Secures Alabama Money Transmitter License: A Win For US Crypto

Transak USA LLC establishes itself as a fully licensed financial institution in Alabama, with more state licenses forthcoming.

Transak is proud to announce that it has been granted its first Money Transmitter License (MTL) by the Alabama Securities Commission. This significant achievement marks a major step forward in Transak's mission to provide secure and accessible cryptocurrency services across the United States.

This license solidifies Transak's commitment to operating within a robust regulatory framework and to build a comprehensive and compliant infrastructure in the US. With 46 states already covered for crypto purchases, this development highlights our ongoing efforts to make cryptocurrency more accessible than ever before.

The license is publicly accessible for viewing via the Nationwide Multistate Licensing System (NMLS) with NMLS ID, i.e., 2362652.

As a registered Money Service Business with FinCEN, Transak intends to secure more money transmitter licenses across the U.S., ensuring we can offer a full suite of cryptocurrency options to our users and partners. These licenses allow us to serve our customers with wider cryptocurrency support, faster transaction processing, better fulfillment of requests, and an overall improved experience that we stand by.

For individuals looking to purchase cryptocurrency, this license means enhanced security and peace of mind. As an officially state-licensed Money Transmitter, Transak operates under stringent regulatory oversight, ensuring that users' transactions are conducted in compliance with financial laws and regulations. This provides customers with the confidence that their hard-earned money is handled responsibly when entering the crypto market.

"Obtaining the Money Transmitter License in Alabama showcases the teams’ commitment to compliance and Transak’s mission to make cryptocurrency accessible and secure for everyone. Our aim is to acquire licenses in every state, ensuring that users experience the highest standards of security, speed, and reliability when transacting with cryptocurrencies,” said Bryan Keane, Compliance Officer at Transak.

This development affirms Transak's intentions for legal and financial compliance in the crypto industry as well as the enhancement of payment abilities for our users. It also highlights the importance of regulatory compliance in well-regulated markets like the USA. By proactively securing state licenses, we are firmly establishing ourselves in the US as a fully regulated and trustworthy financial institution that is well positioned to successfully integrate cryptocurrency into mainstream financial systems.

Decentralized applications that have integrated Transak's products can now offer their users a smoother crypto purchasing experience in Alabama, and [soon] other states as Transak expands its licensing. By partnering with a licensed entity, these platforms can attract a wider range of users who prioritize regulatory compliance and trust.

As the largest web3 payments infrastructure provider, serving over 5.7 million users in 160+ countries, the U.S. remains a key focus. Transak’s vision for the U.S. market extends far beyond regulatory compliance. The company is actively working towards  receiving regulatory approval from other states, which will strengthen our goal to offer our users and partners a more comprehensive and holistic crypto experience. This includes the ability to provide larger cryptocurrency options, faster service fulfillment, and an even more robust partnership network. 

Further, by acquiring more licenses, Transak will be better able to adapt to the needs of this rapidly changing market, giving discerning crypto and financial services customers the experience they want, delivered by a crypto company that is regulated with the same stringent consumer protections as any mainstream financial institution.

"The U.S. is one of our largest markets, and we are committed to delivering the best possible services here. Securing state licenses like this one is essential to achieving that goal.” said Sami Start, CEO of Transak.

Transak now services nearly every state in the U.S., allowing customers to purchase cryptocurrency in 46 states, with more to come!

About Transak

Transak is the world's most compliant and largest Web3 payments infrastructure provider, serving over 5.7 million users across 160 countries. It powers 350+ 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, Florida, 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.