Moneybrain embarks upon next step in US expansion
Moneybrain, the sister company of peer-to-peer lending platform JustUs, has confirmed its initial registration as a money service business in the US.
The initial registration is with with the Financial Crimes Enforcement Network (FenCEN), a bureau of the US Department of Treasury that safeguards the US financial system against illicit activities such as money laundering.
Lee Birkett (pictured), founder and chief executive of JustUs and Moneybrain, which issues its own asset-backed cryptocurrency BiPS, said this registration is the cryptoasset registration process in the States.
Read more: JustUs reveals its global expansion plans despite challenges of Brexit
“(We’re) one step closer to our American dream!” Birkett said in a LinkedIn post.
“As America embraces #crypto #GlobalP2P #BiPS & #DigitalMoney, we can confirm our initial registration with the FinCEN as a money service business.”
Read more: JustUs predicts digital finance revolution
“FinCEN’s mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities,” FinCEN said on its website.
In October, Moneybrain joined Visa’s fintech fast-track program to bring its UK offering to consumers in the US.
The fast-track program quickens the process of integrating with Visa and allowing Moneybrain to more easily leverage the reach, capabilities and security that Visa’s global payment network offers.
Moneybrain will also use the Railsbank open banking platform to facilitate its US expansion.