19:55 Transac receives its first money transmitter license (MTL) in Alabama, paving the way for the expansion of cryptocurrency services throughout the US. This achievement strengthens Transak’s regulatory framework and improves the security of cryptocurrency transactions for users. Transak is pleased to announce that it has received its first money transmitter license (MTL) from the Alabama Securities Commission. This marks an important step in Transak’s mission to provide secure and affordable cryptocurrency services throughout the United States. The new license reaffirms the company’s commitment to regulatory compliance and positions Transak to build a strong and compliant infrastructure in the US cryptocurrency market. With this Alabama license, Transak demonstrates its commitment to operating within a clearly defined regulatory framework necessary for long-term success in the US market. Transak currently facilitates the purchase of cryptocurrency in 46 states, and this latest milestone further highlights the company’s efforts to make crypto services more accessible to users across the country. The newly acquired license is available for public viewing through the National Multistate Licensing System (NMLS) under NMLS ID: 2362652. As a registered Money Service Business with FinCEN, Transak is seeking to obtain additional money transmitter licenses throughout the United States. This will allow the company to offer an expanded range of cryptocurrency services to both users and partners. By obtaining these licenses, Transak will be able to provide faster transactions, improved customer support, and an overall improved experience for users making cryptocurrency purchases. For users looking to buy cryptocurrency, the Alabama Money Transmitter License means increased security and transparency. Operating as a government-licensed money transfer operator, Transak ensures that all transactions comply with financial regulations, giving users peace of mind that their crypto transactions are conducted securely and responsibly. “Obtaining a money transmitter license in Alabama demonstrates the teams’ commitment to compliance and Transak’s mission to make cryptocurrency accessible and safe for everyone. Our goal is to obtain licenses in every state, ensuring users have the highest standards of security, speed and reliability when transacting cryptocurrencies,” said Brian Keene, Compliance Officer at Transak. This license signals Transak’s intent to maintain legal and financial compliance in the US cryptocurrency market while expanding its payment capabilities. She also highlights the importance of regulatory oversight in markets such as the US, where strong consumer protection and compliance are critical to building trust in cryptocurrency services. Decentralized applications (dApps) that integrate Transak’s services will benefit from this development, offering their users smoother, more interoperable crypto transactions in Alabama. As Transak continues to expand its licensing, these platforms will attract a broader user base, especially those who prioritize compliance and trust. As a leading web3 payments infrastructure provider, Transak serves more than 5.7 million users in more than 160 countries. The US remains a key market for the company and this license is part of a broader effort to gain regulatory approval in additional states. This will allow Transak to offer a more comprehensive cryptocurrency experience to both users and partners, including larger cryptocurrency options, faster service and a stronger partner network. With more licenses, Transak will be better prepared to meet the changing needs of the U.S. market. This agility will allow Transak to deliver the experience discerning cryptocurrency and financial services customers expect—services backed by the same level of regulation and consumer protection as traditional financial institutions. “The US is one of our largest markets and we are committed to providing the best possible service here. Obtaining government licenses like this is critical to achieving this goal,” said Sami Start, CEO of Transak. Transak now supports cryptocurrency procurement in 46 states, with more licenses expected in the near future. This expansion will help Transak continue to lead the way in providing secure, interoperable and affordable crypto services throughout the United States About Transak Transak is a leading provider of compliant Web3 payments infrastructure, serving more than 5.7 million users in more than 160 countries. Supports over 350 platforms, offering API-based solutions for deposit/withdrawal services for fiat and cryptocurrency payments, NFT payments and more. Transak simplifies KYC, compliance, payment processing and customer support, making digital asset transactions seamless for users. Transak is headquartered in Miami, Florida, and is incorporated in Delaware. The company operates globally with a technology center in Bangalore and offices in key cities such as London, Milan, Dubai and Hong Kong. For more information, visit Transac or follow us on X and LinkedIn.
