🚀 Transak Secures Money Transmitter License In Alabama

According to Cointelegraph, Transak, a Web3 payments infrastructure provider, has obtained its first Money Transmitter License (MTL) from the Alabama Securities Commission. This new license allows Transak to legally facilitate cryptocurrency transactions in Alabama, marking a significant milestone in the company's expansion into the United States.

Transak is already licensed to operate legally in nearly 46 states, and the Alabama license further strengthens its position. However, the company still requires additional licenses to fully serve all US users. As a registered Money Service Business with the Financial Crimes Enforcement Network (FinCEN), Transak must obtain state-level licenses to offer its services to US residents. Given the complexity and variance in state laws, achieving complete US coverage will take time.

The new license will enable Transak to offer improved crypto services to Alabama residents, including faster transactions and enhanced request fulfillment. The regulatory compliance requirements in the US are becoming increasingly stringent, and this latest license helps Transak meet those growing demands. Decentralized applications (DApps) integrated with Transak’s services will benefit states like Alabama, but users in states without licenses may have to wait for improvements.

On August 6, Transak became the first fiat-to-crypto on-ramp to introduce wire transfers for crypto for US users. Sami Start, the co-founder and CEO of Transak, stated that adding this familiar and secure payment method is a step forward for adopting crypto. Start also mentioned that rapid growth is expected as users become more comfortable using crypto for everyday transactions, with wire transfers pushing toward that goal.

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🚀 Paxful Agrees to Plead Guilty to U.S. Federal Charges and Pay Fines

According to PANews, Paxful Holdings Inc., a Bitcoin peer-to-peer marketplace operator, has agreed to plead guilty to U.S. federal charges and will pay a $4 million criminal fine to the U.S. Department of Justice. Additionally, the Financial Crimes Enforcement Network imposed a $3.5 million civil penalty on the company on Tuesday. Paxful had previously ceased operations in 2023. The U.S. Department of Justice reported that between 2017 and 2019, Paxful facilitated approximately $3 billion in transactions, generating over $29 million in revenue. Despite being aware of criminal activities on its platform, the company failed to file the required suspicious activity reports and misrepresented its anti-money laundering policies to third parties. The sentencing is scheduled for February 10, 2026.

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