Haru Invest acquires MSB license from FinCEN to offer crypto management in US

Rick Steves

“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.

Read this next

Digital Assets

Revolut receives FCA’s go-ahead to launch crypto trading

British fintech and banking firm Revolut has received a regulatory go-ahead to launch its cryptocurrency services in the UK.

Digital Assets

GBTC share is trading at 36% below bitcoin spot price

Grayscale Bitcoin Trust share has widened its discount relative to the underlying cryptocurrency held in the fund, the highest margin ever since its debut in 2013. Digital Currency Group’s flagship GBTC shares traded at a discount of 35.8% to net asset value (NAV) today.

Digital Assets

Crypto lender Nexo investigated by 8 US state regulators

State securities regulators in New York, California, Kentucky, Maryland, Oklahoma, South Carolina, Washington and Vermont are investigating crypto lender Nexo for allegedly failing to register its Earn Interest Product.

Metaverse Gaming NFT

Astar Network’s ad features 329 top brands to support Web3 in Japan

Blockchain innovation hub Astar Network is making strides in promoting the Web3 adoption worldwide. In yet another milestone, the smart contracts platform has run a national newspaper ad in Japan that set a new global record with participation from 329 blue-chip firms.

Digital Assets

Pyth Network welcomes onchain data from crypto market maker Auros

“By sharing our high-frequency trading data with a truly onchain decentralized network, we aim to foster innovation that will lead to better financial solutions for all participants.”

Digital Assets

Tokeny integrates Ownera to boost liquidity of tokenized assets

“The adoption of FinP2P will result in higher liquidity and better access to capital and assets by providing regulated firms with one secure point of connection to multiple digital asset networks across the globe.”

Digital Assets

BingX launches subsidy vouchers to cover user losses in copy trading

“With the introduction of copy trade subsidy vouchers, new users can easily try out trading strategies without incurring losses.”

Digital Assets

Talos expands sales team: Frank van Zegveld, Matt Houston, Hillary Conley

“The extensive leadership and industry expertise of these new hires will enable us to build long-lasting relationships as we continue to build out our global presence in EMEA and beyond.”

Executive Moves

FX and CFD broker Emporium Capital hires industry veteran Robert Woolfe as COO

His past experience within the FX and CFD industry includes top roles at Capital Index, London Capital Group, GKFX, ETX Capital, and IG.  “I’m delighted to be part of the Emporium Capital team and spearheading the brokerages global expansion plans”, he said about the appointment.

<