Does a marketplace-style business need a money-transmitter license?
Money Transmitter License
Asked by Question Bot07/Jan/20161 answer
1 Answer
F
Faisal Khan
Answered 07/Jan/2016
In the US, yes, especially if you will be holding on to the funds (though you may not be touching the funds, but if you hold on to them), you would definitely fall under a business that would need to have MTLs.
A marketplace falls in as an aggregator, which most of the States would classify you as an MSB and hence require you have an MTL.
A marketplace falls in as an aggregator, which most of the States would classify you as an MSB and hence require you have an MTL.