In a significant development, the company known as X, spearheaded by Elon Musk, has secured a money transmitter license in South Dakota. This move is a key step in Musk’s ambitious plan to transform X into a comprehensive, multi-functional platform, often called the “everything app.”
Elon Musk’s X Gains South Dakota License
On November 27, regulators in South Dakota granted X a money transmitter license, marking a notable achievement in the company’s expansion into the financial services sector. This license permits X to act as a money service business (MSB) within the state, facilitating cross-border financial transactions. Such a capability is crucial for businesses and individuals engaged in international trade and remittances.
This new license in South Dakota is part of a broader effort by X to obtain similar approvals across the United States. The company has previously secured currency transmitter licenses in nine other states, including Arizona, Georgia, Iowa, Maryland
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