Success! We recently had a Florida Money Transmitter License (MTL) approved for a crypto exchange. The Florida Office of Financial Regulation (OFR) granted the MTL license within 4 months of receiving the application with supporting documents. Prior to approval, OFR issued a Request for additional Information which we successfully addressed. In addition to the Florida MTL license, the crypto exchange is registered and maintains a federal registration as a Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN).
In the State of Florida, any business that engages in the activity of a money transmitter must obtain a Florida Money Transmitter License. MTL license holders can operate through physical locations, branches, authorized vendors, or electronic means, including phone and Internet. Money transmitter includes only an intermediary that has the ability to unilaterally execute or indefinitely prevent a transaction.
Malescu Law can assist
To learn more about the MLT requirements or for assistance obtaining a Money Transmitter License or Money Services Business registration, contact us or schedule a consultation. We can guide you through the process and secure your MTL and MSB license.
Malescu Law P.A. – Business & Immigration Lawyers