February 22, 2024

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Musk's X has been approved for a money transmitter license in Virginia

Musk's X has been approved for a money transmitter license in Virginia
The X logo appears on the top of the headquarters of X, formerly known as Twitter, in downtown San Francisco, California, on July 30, 2023. X has received approval for a money transmitter license in Virginia, the 17th US state to grant approval.

The X logo appears on the top of the headquarters of X, formerly known as Twitter, in downtown San Francisco, California, on July 30, 2023. X has received approval for a money transmitter license in Virginia, the 17th US state to grant approval. (Carlos Barria – Reuters)

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SAN FRANCISCO – Social media platform

Virginia's license allows X to facilitate electronic money transfers as of Tuesday, according to the National Multistate Registry and Licensing System, an online database.

Musk said offering payments would help X, formerly Twitter, become an “everything app” with services beyond social media. This will include the ability to send peer-to-peer payments, he said.

Although X has been steadily gaining approval for state money transfer licenses, Musk said Monday that New York and California are “taking longer to get approved.”

Reuters previously reported that Twitter began the process of applying for money transfer licenses before Musk's acquisition, targeting states with easier requirements first before following up with larger states like New York and California with more stringent application processes.

States that have recently granted money transfer licenses to X include Utah, Florida, Arkansas, and Pennsylvania.

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