Elon Musk's company, X Payments LLC, has secured the Money Transmitter License from the state of Utah, marking a significant step in its mission to introduce digital banking services in the United States and globally.
The effective date of the X Payments license is January 12, and it is expected to remain valid for at least the entirety of the year. This approval aligns X Payments' plans to operate in Utah with its approvals in other key states like Wyoming, Rhode Island, Michigan, New Hampshire, and Missouri.
In Utah specifically, X Payments had applied for licensing on three occasions, achieving an impressive approval rate of over 66%. Prior to this successful application, the Utah Department of Financial Institution (DFI) had rejected X Payments' bid to offer related services in 2023, as indicated in its archives.
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First found on: X Payments Triumph: Secures Money Transmitter License in Utah
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