Crypto exchange CEX.IO has obtained another money transmitter licensing (MTL) license in the United States and can now legally operate in the state of Idaho.
With this, the exchange has received 20 similar licenses in the country and has expanded its operations to 37 states.
As Finance Magnates reported earlier, the exchange is constantly pushing to expand its services in all 50 states of the country.
Mentioning the development, Oleksandr Lutskevych, founder and chief executive of the exchange, told Finance Magnates: “CEX.IO has obtained 20 money transmitter licenses so far and can currently serve residents in 37 states — and we have plans to expand to all 50. In an effort to serve customers throughout America, we have filed applications in every regulated state and anticipate approval by the end of the year.”
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Expanding services in the United States
The exchange first registered in the country in 2015 with Financial Crimes Enforcement Network (FinCEN) as a money services business and has also completed three annual audits to ensure its compliance with the licensing regulations.
“Unlike many of our competitors, we have never ignored the law and have never served US customers without a license in states where one is required. Such transgressions by others may not go overlooked,” Lutskevych added.
Meanwhile, the exchange is also collaborating with XTRD for the development of the XTRD Single Point of Access (SPA).
“[The new product] will leverage XTRD routing technology and CEX.IO’s liquidity worldwide to facilitate digital exchange operations. This SPA will allow professional traders to trade across multiple exchanges with aggregate liquidity, saving them the trouble of maintaining multiple accounts and using API integrations across exchanges while bearing counterparty risks.,” the CEO explained.