Before FinCEN, XREX acquired an MSB license from Canada and is currently applying for licenses from the Monetary Authority of Singapore.
Taipei, Taiwan, May 13 2022 — Blockchain neo fintech company XREX Inc. obtained a Money Services Business (MSB) license from the United States Financial Crimes Enforcement Network (FinCEN), which is a prerequisite for any exchange that wants to operate in the US. MSB activities that XREX has registered under include being a dealer in foreign exchange and money transmitter.
Acquiring the MSB license marks an important milestone for XREX’s global expansion strategy and demonstrates its commitment to building a clean, compliant, and safe financial ecosystem together with banks, regulators, and users.
“We are proud to be part of the US-led financial crime enforcement network,” XREX co-founder and CEO Wayne Huang said. “Our clients are mainly cross-border merchants, small and medium enterprises, and working professionals abroad who care the most about compliance and security while conducting transactions.”
FinCEN’s mission is to safeguard the financial system from illicit use and combat money laundering by receiving and maintaining financial transaction data, analyzing and disseminating that data for law enforcement purposes, and building global cooperation with counterpart organizations in other countries and international bodies.
As an MSB entity registered with FinCEN, XREX is obliged to verify customer identities, maintain records of relevant transactions for up to five years, and report suspicious and certain transactions. XREX partners with world-leading blockchain intelligence firms including Mastercard’s CipherTrace and JPMorgan’s portfolio TRM Labs to build comprehensive and rigorous anti-money laundering (AML) and Know-Your-Customer (KYC) mechanisms to comply with applicable laws and regulations.
“The US has leading and representative regulations on blockchain and cryptocurrency,” said XREX Compliance Head Nick Chang. “Reporting to FinCEN under the US Department of the Treasury means we are integrated with the global inter-governmental network to fight against scams, fraud, and all kinds of financial crimes.”
XREX has acquired an MSB license from Canada and complied with Taiwan FSC’s anti-money laundering rules. Currently, XREX is in the process of applying for Singapore’s Major Payment Institution license and is studying licenses in Dubai and Europe.
XREX focuses on solving dollar shortage issues in emerging economies to help corporations and individuals utilize their capital with better efficiency. Sending and receiving stablecoins via XREX’s unique feature BitCheck is a popular way for international transfers.
XREX partners with global banking institutions to support US dollar (USD) and Indian Rupee (INR) deposits and withdrawals. XREX is also currently in talks with US-based Silvergate Bank and Signature Bank for further collaborations.
