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Regulators from Rhode Island have approved X’s application for a currency transmitter license. Rhode Island’s regulators have granted X (Twitter) a currency transmitter license marking a step forward for the company’s foray into the financial services sector.  The license is legally required for companies conducting financial activities on behalf of users related to sending and receiving money — a definition that includes both fiat and crypto assets. The approval will allow for X to custody, transfer and exchange digital currencies.   X’s Rhode Island Currency Transmitter License was approved on Aug. 28 according to the Nationwide Multi-State Licensing System (NMLS). X has a total of seven money and currency transmitter licenses. Source: NMLS The move marks an important step forward in Elon Musk’s push for X to become an “everything app” — which would include crypto and fiat payments . While sources have suggested that X's upcoming payments feature will initially only offer su...

Binance has received an MVP operational license from Dubai regulators, enabling it to serve institutional and qualified retail investors.  Binance FZE, a subsidiary of Binance, has obtained an operation al Minimum Viable Product (MVP) license from Dubai’s crypto regulator, the Virtual Asset Regulatory Authority (VARA), according to a blog post. Earlier Binance got a provisional MVP license and a preparatory MVP license in May 2022 and September 2022 respectively.  You might also like: Binance and CZ file motion to dismiss CFTC’s lawsuit With the latest approval, Binance can provide exchange and broker-dealer services to Dubai residents, starting with institutional clients and qualified retail investors.  “With this operation MVP license, all users onboarded through this platform can expect access to a trusted and regulated service that prioritizes security alongside compliance with highly specialized, tier-one virtual asset regulations under VARA. Bin...