Transak, a flagship Web3 payments infrastructure provider, has secured Money Transmitter Licenses (MTLs) in Illinois and Missouri, further strengthening its regulatory footprint in the United States. Following FinCEN's MSB registration and ISO/IEC 27001 certification, this makes Transak a trendsetter in regulatory compliance.
Transak becomes licensed money transmitter in Illinois and Missouri
Transak, one of the most popular Web3 payments processors, shares the details of its recent license proceedings. Starting in February 2025, Transak is operates under Money Transmitter Licenses (MTLs) in the states of Illinois and Missouri.
Two newly acquired licenses enable Transak to directly facilitate cryptocurrency transactions for residents and businesses in both states, expanding the accessibility and scope of its services.
These new licenses empower Transak USA to operate independently in these states, directly facilitating cryptocurrency transactions for residents and businesses, expanding the scope of services available in the state.
Bryan Keane, Compliance Officer (Americas) at Transak, higlights the importance of the new documents for Transak's regulatory compliace roadmap:
Securing two Money Transmitter Licenses in such a short span is a testament to the team’s commitment to regulatory excellence and user trust. By securing Money Transmitter Licenses across key states like Illinois and Missouri, we are ensuring a trusted and compliant environment for users, businesses, and developers who rely on our payments infrastructure.
In the U.S., a Money Transmitter License (MTL) is a critical regulatory requirement for financial and payment companies to operate. It authorizes businesses to engage in money transmission activities, ensuring compliance with financial laws and consumer protection regulations.
For Web3 payment providers like Transak, an MTL enables the direct facilitation of fiat-to-crypto transactions, increasing security, compliance and operational efficiency.
Maximum compliance for secure crypto-to-fiat conversion
The Illinois MTL positions Transak to tap into one of the most blockchain-forward states in the U.S. Known for the Illinois Blockchain Initiative (IBI) and top-tier blockchain research at the University of Illinois, the state has long been a hub for crypto innovation.
With the Illinois MTL, Transak can now offer its full suite of services to support growing demand for decentralized finance (DeFi), gaming and blockchain-based applications.
These back-to-back licenses in Illinois and Missouri follow Transak’s previous approvals in other key U.S. states, namely Alabama and Delaware, reinforcing its commitment to regulatory compliance, financial transparency and to support more users across the United States. As part of its long-term strategy, Transak aims to secure licenses in additional states.
With its existing registration as a Money Services Business (MSB) under the Financial Crimes Enforcement Network (FinCEN) and its ISO/IEC 27001 certification, Transak is well positioned to uphold the highest standards of security, compliance and financial integrity.
Dan Burgin
Vladislav Sopov