Alabama grants Transak a Money Transmitter License (MTL)

• Transak secures its first Money Transmitter License (MTL) in Alabama.
• The license boosts security, speed, and compliance for US cryptocurrency services.
• Transak targets further state licenses as it enhances its Web3 payments infrastructure.

On October 3, 2024, Transak USA LLC achieved a significant milestone by securing its first Money Transmitter License (MTL) from the Alabama Securities Commission.

This regulatory approval positions Transak as a fully licensed financial institution in the state, a key step in its mission to provide secure and accessible cryptocurrency services across the United States.

Transak expanding its foothold in the US

The Alabama MTL solidifies Transak’s commitment to regulatory compliance, underscoring the company’s efforts to build a secure and transparent infrastructure for crypto transactions in the US.

With cryptocurrency purchases already enabled in 46 states, the company is actively working to secure additional licenses across the country. This proactive approach highlights Transak’s determination to make cryptocurrency widely accessible and compliant with stringent financial regulations.

As a registered Money Service Business with FinCEN, Transak’s new license is a significant trust signal for its users. It allows the company to provide enhanced security, faster transactions, and a more seamless user experience for crypto purchases in Alabama. The move also benefits decentralized platforms integrated with Transak’s services, enabling them to offer their users a smoother and more compliant crypto purchasing experience.

Bryan Keane, the Compliance Officer at Transak, remarked, “Obtaining the Money Transmitter License in Alabama showcases our commitment to compliance and our mission to make cryptocurrency accessible and secure for everyone.”

In the same breath, Sami Start, the CEO of Transak, emphasized the importance of the US market, stating, “Securing state licenses like this one is essential to delivering the best possible services here.”

With over 5.7 million users across 160 countries, Transak continues to expand its presence as the largest Web3 payments infrastructure provider. Headquartered in Miami, with additional offices and tech hubs globally, Transak remains focused on obtaining more state licenses in the US, ensuring its users enjoy an increasingly reliable and legally compliant crypto experience.

The Alabama MTL marks a major step forward for Transak as it strengthens its foothold in one of the world’s most regulated and lucrative markets.