Alchemy Pay gets Illinois license, reaches 18 states - Crypto Economy

Alchemy Pay that it secured a Money Transmitter License in Illinois, expanding its U.S. regulatory coverage to 18 states. The approval gives the company a state-level authorization for money transmission, making Illinois another compliance foothold in its U.S. expansion strategy.

The update affects users and partners seeking fiat-to-crypto and crypto-to-fiat payment services in Illinois. Alchemy Pay said the license, regulated by the Illinois Department of Financial and Professional Regulation, covers money and monetary-value transmission, including electronic funds transfers and virtual currency-related services, making state-by-state licensing central to U.S. access.

The next point to watch is whether Alchemy Pay adds more state approvals beyond its current network. For now, the Illinois license broadens regulatory coverage, but it does not mean the company has uniform nationwide money-transmission authorization.

Source: Alchemy Pay.


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