I am in Florida and have an arrangement with a trusted associate who will buy $25k worth of USDT from me daily (on banking days). He will make payments from his personal account to mine, and I will transfer the USD to Kraken, sending him the USDT. This trade is exclusive between us. Do I need any type of license for this?
A: Most likely not.
Your situation appears to be a simple buy/sell deal between two individuals. Typically, a money transmitter license (MTL) is needed when someone acts as an intermediary in financial transactions, handling funds that aren’t theirs. In your case, you are directly selling USDT and he is directly purchasing it, without involving third parties. Since it’s a transaction only between you two, an MTL doesn’t seem applicable.
Disclaimer: I am not a lawyer.
This page was last updated on November 14, 2023.