Do FinCEN-registered businesses still need state money transmitter licenses?

For the umpteenth time. A FinCEN registration is not a license. It is a registration for purposes of reporting to the Federal Government.

The registration simply highlights in which state(s) would you be conducting business. By merely checking those boxes for the states (or all of them), you are not getting a license.

You are simply informing the government.

You would still have to go to each state’s financial regulator where you would be conducting money services business activities and apply for a money transmitter license from the regulator themselves.

Again, to repeat, FinCEN registration is NOT a license. Here is a short video I did on this subject.

https://www.youtube.com/watch?v=...