united states

Faisal Khan LLC Banking Payments Cryptocurrency Fintech Blockchain Compliance

Montana does not require a money transmitter license, if I register a company there, am I exempt from money transmitter licenses?

You may be exempt from money transmitter licenses only in the state of Montana. Because you have an exemption in the state of Montana, does not mean that you can offer your financial services nationwide. The exemption is only valid for the state of Montana and Montana alone. This means that the transaction must originate …

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Faisal Khan LLC Banking Payments Cryptocurrency Fintech Blockchain Compliance

Is a money transmitter license adequate for launching crypto-related services in the US?

No. In certain US states like New York, for example, a BitLicense is required to trade in Cryptocurrency related services. In addition to the NY Money Transmitter License, you would require an NYDFS issued BitLicense to operate within the crypto domain in the state of New York. Other US states are also slowly putting a …

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How many Money Transmitter Licenses do I require if I have to do business in the US?

Many people wrongly assume that only having one money transmitter license in the United States is good enough. It is not. If you intend you have customers signed up from all over the United States, then you needed licenses, in all the States. However, there is a caveat to this where you may require only …

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US Payments Statistics

Here are some interesting statistics about the US payment system (as extracted from the 2013 Federal Reserve Payments Study) The estimated annual number of unauthorized transactions (third-party fraud) in 2012 was 32.3 million, with a value of $6.4 billion. Among general-purpose card payments in 2012, card-not-present fraud rates were estimated to be approximately 3 times card-present …

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