Taipei, May 13 — Blockchain "neo-fintech" startup XREX has successfully registered with the U.S. Financial Crimes Enforcement Network (FinCEN) under the Department of the Treasury, securing a Money Services Business (MSB) license. This permit is mandatory for all crypto exchanges operating in the U.S. to offer services across states. XREX’s registered activities include foreign exchange transactions and cross-border transfers.
FinCEN is tasked with analyzing suspicious financial activities to combat money laundering and illicit operations globally. By obtaining the MSB license, XREX marks a pivotal milestone in its global expansion, reinforcing its commitment to compliance, security, and collaboration with banks, regulators, and users to build a transparent financial ecosystem.
Key Achievements:
- Canada: Holds a Canadian MSB license.
- Taiwan: Completed anti-money laundering (AML) declarations with Taiwan’s Financial Supervisory Commission.
- Singapore: Currently applying for a Major Payment Institution license.
Executive Insights
Wayne Huang, XREX Co-Founder & CEO:
"Joining FinCEN’s network aligns with our mission to serve SMEs, cross-border merchants, and professionals who prioritize compliance and safety in transactions."
Ling-Lan Chang, XREX Compliance Lead:
"U.S. regulations set the global standard for crypto oversight. Sharing data with FinCEN integrates XREX into a cross-government anti-financial-crime network."
Compliance Framework
- Client Verification: Mandatory KYC checks.
- Record Retention: Transaction logs stored for up to 5 years.
- AML Partnerships: Collaborates with CipherTrace (Mastercard) and TRM Labs (JPMorgan-backed) for blockchain analytics.
Strategic Partnerships
- Banking Alliances: Engaged with Silvergate Bank and Signature Bank for USD/INR deposits/withdrawals.
- Stablecoin Integration: Bridges traditional finance and blockchain via stablecoin solutions for settlements and remittances.
Global Licensing Roadmap
- Pending: Singapore’s MPI license.
- Exploratory: Licenses in Dubai and Europe.
FAQ Section
Q: Why is the MSB license critical for XREX?
A: It enables U.S. operations and validates compliance, attracting institutional partners.
Q: How does XREX ensure transaction safety?
A: Through real-time AML monitoring and partnerships with top blockchain forensic firms.
Q: What’s next for XREX’s regulatory strategy?
A: Expanding licenses in Asia and Europe to support seamless cross-border payments.
👉 Explore XREX’s compliant crypto solutions
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