Haru Invest acquires MSB license from FinCEN to offer crypto management in US
“Doing business within the ambit of this regulatory framework within the massive U.S. market will afford more transparency and protections for not only our clients, also our business itself.”
Haru Invest has obtained an MSB license for its U.S. based subsidiary, Haruus LLC, in order to enable the digital asset management platform to carry out operations as a money transmitter service and expand its scope of service in the United States.
The Money Service Business (MSB) license is a financial service license supervised and granted by the U.S. Financial Crimes Enforcement Network (U.S. FinCEN) mandatory for any digital asset-related service providers to conduct their businesses in compliance with U.S. regulations.
MSB license is key for stable, safe and compliant crypto opportunities
The MSB license follows the firm’s ongoing process of obtaining applicable licenses in global jurisdictions as it looks to attain trust from customers and regulatory agencies.
The firm is now an official MSB across all 50 U.S. states, approved to carry out operations as a money transmitter service — including digital assets such as cryptocurrencies — and expand its scope of service in the country.
Hugo Lee, Chief Executive Officer of Haru Invest, said: “Obtaining our MSB license in the U.S. is another key step in our top-line mission to provide stable, safe and compliant crypto investment opportunities for everyone, everywhere. Doing business within the ambit of this regulatory framework within the massive U.S. market will afford more transparency and protections for not only our clients, also our business itself.”
Haru Invest is a subsidiary of Block Crafters, a CeFi digital asset investment platform with $2 billion in total transaction volume, with users spread across 140 countries.
Launched in 2019, Haru Invest offers crypto deposit services and crypto investment products, with earn rates of up to 14.2% on crypto. Haru supports three crypto assets, Bitcoin, Ether, and Tether with a tier of investment strategies, Earn Plus, and Earn Explore.
The firm recently introduced Haru Freeze Marketplace, a new feature that allows users to liquidate products before the end of the lockup period to provide immediate access to locked-up assets.
With the new Marketplace, users will now be able to buy and sell Frosts with each other, allowing sellers to liquidate their locked up assets at any time. Buyers can acquire Frosts at a discounted price, which then can be melted back into an Earn Plus product to enjoy higher earnings.
Haru’s in-house digital asset management team employ high-frequency algorithmic and active trading strategies to generate profits.