Transak has successfully secured its first Money Transmitter License (MTL) in Alabama, marking a significant milestone in its mission to expand secure cryptocurrency services across the United States. Granted by the Alabama Securities Commission, this license enhances Transak’s regulatory framework, reinforcing its commitment to providing accessible and compliant digital currency services.
Expanding Cryptocurrency Services Across the U.S.
Currently, Transak facilitates cryptocurrency purchases in 46 U.S. states. With the addition of the Alabama Money Transmitter License, the company is one step closer to achieving full nationwide coverage. The newly acquired license is publicly available for verification through the Nationwide Multistate Licensing System (NMLS) under NMLS ID: 2362652.
The expansion underscores Transak’s dedication to regulatory compliance, essential for sustaining long-term success in the U.S. market. By prioritizing regulatory approval in each state, Transak aims to ensure that users across the country can access secure, transparent cryptocurrency services.
A Commitment to Regulatory Compliance
As a registered Money Service Business with FinCEN, Transak is actively working to acquire additional money transmitter licenses in other states. This will allow the company to enhance its offerings, delivering faster cryptocurrency transactions, improved customer support, and an overall better experience for both users and partners. The focus on compliance aligns with the company’s core mission to build trust in the crypto market by adhering to strict regulatory standards.
“Obtaining the Money Transmitter License in Alabama showcases the team’s commitment to compliance and our mission to make cryptocurrency accessible and secure for everyone. Our goal 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.
Enhanced Security and Transparency for Users
For users seeking to buy cryptocurrency, the Alabama Money Transmitter License represents improved security and transparency. By operating as a state-licensed Money Transmitter, Transak ensures that all transactions comply with financial regulations, giving users confidence in the safety of their crypto dealings. This regulatory milestone signals Transak’s dedication to maintaining legal and financial compliance in the U.S. crypto market while enhancing its payment capabilities.
Benefits for Decentralized Applications (dApps)
The licensing achievement also benefits decentralized applications (dApps) that integrate Transak’s services, allowing them to offer smoother and more compliant crypto transactions to users in Alabama. As Transak continues to expand its licensing in other states, dApps integrating Transak’s payment solutions will attract a broader user base—particularly those who prioritize regulatory compliance and trust.
Strengthening Web3 Payments Infrastructure
As the leading web3 payments infrastructure provider, Transak currently serves over 5.7 million users in more than 160 countries. The U.S. remains a key market for the company, and securing the Alabama license is part of a broader strategy to gain regulatory approval in additional states. This effort will help Transak offer a more comprehensive cryptocurrency experience, including larger cryptocurrency options, faster services, and an extensive partnership network.
By obtaining more state licenses, Transak aims to better meet the evolving needs of the U.S. market. This adaptability will enable Transak to deliver the high-quality services that discerning cryptocurrency users expect—services backed by the same level of regulation and consumer protection as those offered by traditional financial institutions.
“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.
Moving Forward with Nationwide Licensing
Transak now enables cryptocurrency purchases in 46 states, with more licenses expected to follow soon. This regulatory expansion will help Transak solidify its leadership in providing secure, compliant, and accessible cryptocurrency services across the U.S.
