Crypto Exchange Everex US announced that it has the issuance of a “full Money Transmitter (MSB) License” from the New Jersey Department of Banking and Insurance. However, Crypto Exchange Everex Receives License for Crypto-to-Fiat Exchange.
The license will permit the company to conduct several crypto-related activities. Additionally, this includes processing crypto-crypto transactions and letting clients exchange fiat-crypto in their wallet.
Currently, the platform supports MakerDao’s DAI token, a Thai Baht stable token named THBEX and its in-house token EVX.
The company said in a blog that “NJ Department of Banking and Insurance issued us full Money Transmitter License with the ability to conduct the following activities,”
- Crypto-Fiat exchange peer 2 peer
- Crypto-Fiat exchange with US-based exchanges on behalf of our clients
- Domestic payments using blockchain
- Cross-border payments using blockchain
- Crypto-Fiat-Stable token transfers peer to peer domestically and internationally
Plans for growth in the United States
Everex is based in Singapore and aims to assist with remittances between Asian countries, where there is a minimal or non-existent banking infrastructure.
According to a previous blog post, the company said it desired to bring this technology to the US with enhanced features. It intends to integrate with banks, e-commerce suppliers from third parties and receive approval to operate in several US states.
The crypto exchange is building a stablecoin based settlement platform for domestic and global payments. Also, cross-border money transfers, and currency exchange.
However, the company seeks to provide individual and business users with a comprehensive solution for same-day settlements using fiat pegged stablecoins of various currencies.
Everex is currently in the process of adding other stablecoins and digital assets to its list of supported currencies.
Conversely, in recent times, cryptocurrency has been criticized in the United States for its effect on the broader community. Due to the conflicting views of the different legislators, there is a growing regulatory gap between different states leading to different regulations.