The U.S. state of Hawaii’s regulatory sandbox concludes today. Crypto companies will no longer require a Hawaii-issued money transmitter license to conduct business within the state. However, they must comply with federal regulations. Hawaii’s Regulatory Sandbox Concludes The Department of Commerce and Consumer Affairs of Hawaii and the Hawaii Technology Development Corporation (HTDC) issued an […]
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Multiple US States Have Revoked Binance US Crypto Licenses
Multiple U.S. states have revoked or declined to renew Binance US money transmitter licenses due to compliance issues and legal troubles involving former CEO Changpeng Zhao (CZ). “North Dakota joins Alaska, Florida, Maine, North Carolina, and Oregon who have taken similar actions to revoke or deny the renewal of BAM Trading Services’ Money Transmission License,” […]
Bitcoin News
Kenyan Central Bank to Issue Licenses to Fintech Firms
The Central Bank of Kenya is amending the country’s payment systems law, which will allow it to issue operating licenses to fintech startups. Governor Kamau Thugge said he expects the bank to complete the process of amending the law soon. Central Bank Aims to Support Fintech Startups The Central Bank of Kenya (CBK) will soon […]
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Thai Finance Minister Revokes Crypto Exchange Zipmex’s Licenses
The Securities and Exchange Commission (SEC) of Thailand announced Monday that the Thai Minister of Finance has revoked Zipmex’s digital asset exchange and broker licenses effective May 28, 2024. This decision, which followed the Thai SEC Board’s recommendation, was based on concerns over the crypto trading platform’s financial stability, inadequate management structure, and insufficient personnel, […]
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South African Regulator Licenses 75 Institutions as Crypto Asset Service Providers
South Africa’s Financial Sector Conduct Authority said on April 22 that it has approved 75 institutions to be licensed as crypto asset service providers (CASPs). The regulator said the unveiling of licensed CASPs is intended to dispel misconceptions arising from the supposedly misleading media reports. FSCA Continues to Receive License Applications The Financial Sector Conduct […]
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Makerdao Co-Founder Rune Christensen: Defi Frontends Might Need Licenses to Operate in Europe
Rune Christensen, a co-founder of the Makerdao project, has warned about the possible disruptions linked to hypothetical EU-wide requirements for defi fronteds to receive a license for operating. Christensen said this would decelerate the EU to the Stone Age, disrupting European defi access for less tech-savvy users. Makerdao Co-Founder Details Possible MiCA Disruptions in EU-Based […]
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South African Regulator Set to Issue Licenses to 60 Crypto Platforms by End of March
A South African regulator has said it plans to issue licenses to 60 crypto platforms by the end of March. The Financial Sector Conduct Authority has said it is still processing the more than 300 applications it received late last year. South African regulators plan to oversee the activities of cryptocurrency entities through the Financial […]
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Deutsche Börse Group’s Crypto Subsidiary Granted Four Licenses by the German Regulator
A subsidiary of the German multinational company Deutsche Börse Group has been granted four licenses by the German Federal Financial Supervisory Authority or Bafin. The licensing of the subsidiary helps to distinguish its product offering “as one of the few to meet these exceptionally high standards.” Cementing Crypto Finance’s Position in the European Digital Asset […]
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Nigerian Fintech Flutterwave Secures Money Transfer Licenses in 13 US States
The Nigerian fintech unicorn revealed on Dec.7 that it has obtained money transfer licenses in 13 U.S. states. Flutterwave’s partnership with a licensed financial institution also means that it can now serve customers in 29 states in the U.S. Flutterwave CEO suggested that the fintech hopes to expand its footprint in the country by securing more such licenses.
Flutterwave Serves Clients in 29 States
The Nigerian fintech unicorn, Flutterwave, recently announced that it has secured money transfer licenses in 13 U.S. states. The licenses enable Flutterwave users to enjoy faster, cheaper, and more secure transfer of money from the United States to Africa and back. Flutterwave’s partnership with a licensed financial institution also means that it can now serve customers in 29 states in the U.S.
According to Flutterwave’s Dec. 7 statement, the licenses obtained by the fintech not only enable its sending application but also enterprises that use its platform for last-mile payout globally.
Stephen Cheng, the executive VP for Global Expansion and Partnership, remarked on the fintech’s latest milestone, saying, “Getting these licenses expands our regulatory footprint, demonstrates our ability to deliver services with safety and soundness, and fosters trust of regulators, partners, and customers. We’re growing and are committed to servicing customer needs in as many geographies as possible with a significant African diaspora.”
Olugbenga Agboola, the founder and CEO at Flutterwave, said that getting licensed by U.S. regulators moves the fintech closer to its goal of connecting Africa to the world and vice versa by simplifying payments. Agboola also revealed that Flutterwave hopes to expand its footprint in the country by securing more such licenses.
In addition to receiving approvals from U.S. regulators, Flutterwave has been working with African regulators. This has culminated in the fintech getting approved by the Nigerian and Malawian central banks.
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Elon Musk’s X Secures 12 Money Transmitter Licenses — X.AI to Raise $1 Billion in Equity Offering
Elon Musk’s social media company, X, has obtained 12 money transmitter licenses across the United States. Furthermore, his artificial intelligence (AI) company, X.AI, stated in a filing with the U.S. Securities and Exchange Commission (SEC) its intention to raise billion in an equity offering.
X Obtains 12 Money Transmitter Licenses
Elon Musk’s social media platform X, formerly Twitter, has reportedly obtained transmitter licenses in 12 U.S. states: Arizona, Georgia, Iowa, Kansas, Maryland, Michigan, Mississippi, Missouri, New Hampshire, Rhode Island, South Dakota, and Wyoming.
In October, Musk unveiled his plan to turn X into a powerful financial platform. The Tesla boss stated in November last year that X could offer “an extremely compelling money market account,” debit cards, checks, and loan services. He recently detailed: “When I say payments, I actually mean someone’s entire financial life … If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send to my friend. I’m talking about, like, you won’t need a bank account.”
The billionaire previously said that he plans for X to be “the everything app,” emphasizing that his purchase of social media platform Twitter is an accelerant to the creation of X. Moreover, he has confirmed that none of his companies will launch a crypto token.
X.AI Seeks to Raise Billion, SEC Filing Shows
Musk’s AI company, X.AI Corp., filed Form D, a Notice of Exempt Offering of Securities, with the SEC on Tuesday.
According to the filing, X.AI plans to raise billion through an equity offering. The company has already secured nearly 5 million from four investors, with the first tranche of shares sold on Nov. 29. Additionally, the filing states that X.AI has a binding agreement for the purchase of the remaining shares.
The Tesla chief registered X.AI Corp. in March. The following month, Musk announced a plan to create an AI platform called “Truthgpt” that would rival Chatgpt and other similar products. The AI startup, whose website states its mission as “understanding the true nature of the universe,” released a chatbot called Grok last month, inspired by “The Hitchhiker’s Guide to the Galaxy.”
What do you think about X obtaining money transmitter licenses across the U.S. and X.AI seeking to raise billion in an equity offering? Let us know in the comments section below.