Americas & Caribbean · US
United States
Money services businesses register with FinCEN and are licensed state by state; securities, derivatives and gaming are regulated federally and by the states.
At a glance
- Status
- Federal republic: federal and state regulation
- Region
- Americas & Caribbean
- Regulated sectors
- GamingPaymentsCryptoInvestment
- Authorities
- FinCEN · State financial regulators · SEC · CFTC · State gaming regulators · OFAC
- Licensing routes
- 5
Overview
The framework
Regulation in the United States is split between federal agencies and the states. Money services businesses register with FinCEN under federal AML rules, while money transmission is licensed state by state, and New York operates a dedicated licensing regime for virtual currency business activity.
Securities and derivatives are regulated federally by the SEC and the CFTC, with retail forex dealers subject to CFTC registration and NFA membership. Gambling is regulated by the states: sports betting and, in a smaller number of states, online casino gaming are licensed state by state. We map the regimes that apply and coordinate US counsel where required.
Authorities
Who regulates what
- FinCEN
- Federal AML/CFT rules and money services business registration.
- State financial regulators
- Money transmitter licensing and supervision, state by state.
- Securities and Exchange Commission (SEC)
- Securities markets, broker-dealers and investment advisers.
- Commodity Futures Trading Commission (CFTC)
- Derivatives markets, including retail forex dealers.
- State gaming regulators
- Licensing of sports betting and, where permitted, online casino gaming.
- OFAC
- Economic and trade sanctions.
Regimes
Licensing routes
MSB registration and money transmitter licences
Federal registration with FinCEN and licensing in each state where the business operates.
Sectors: Payments · Crypto
New York virtual currency licence
Licensing of virtual currency business activity in New York.
Sectors: Crypto
Broker-dealer and investment adviser registration
SEC and state registration for securities businesses.
Sectors: Investment
Retail forex dealer registration
CFTC registration and NFA membership.
Sectors: Investment
State gaming licences
Sports betting and, where legal, online casino licences issued state by state.
Sectors: Gaming
Our Regulatory & Licensing practice prepares the applications for these routes and manages them through to the regulator's decision.
Considerations
What to weigh up
- Licensing is multi-state: sequence the states around your target customers.
- Build licensing into the launch plan: federal and state authorities both act against unlicensed activity.
- Plan US gaming around state licences where available: offshore gaming directed at US players carries significant legal risk.
This overview is general information, summarised at a high level. Requirements change and depend on the specific activity; seek advice on your circumstances before acting.
Industries
Relevant industries
- iGaming & GamingB2C operators, B2B suppliers, platforms, aggregators and affiliates.
- Fintech & PaymentsPayment and e-money institutions, PSPs and acquirers, payment facilitators and embedded finance.
- Crypto & Digital AssetsCASPs and VASPs, exchanges, custodians, wallets, token projects and crypto payments.
- Forex & InvestmentsForex and CFD brokers, investment firms, trading and investment platforms.
Across jurisdictions
Cross-jurisdiction capabilities
Services we support across the jurisdictions in our directory, described once on their own pages. We deliver each to the requirements that apply locally, coordinating local specialists where local law, registration, representation or professional requirements require it.
- Privacy & Data ProtectionExternal DPO services and working privacy programmes: GDPR and global privacy laws, DPIAs, data mapping, transfers and ISO/IEC 27701.
- Information Security & CybersecurityFractional CISO support, ISMS and security programmes, certification and audit readiness, DORA, NIS2 and customer assurance for enterprise sales.
- AI GovernanceGovernance that lets AI adoption scale: EU AI Act readiness, ISO/IEC 42001 management systems, AI risk and impact assessments, and vendor risk.
- AML & Financial Crime ComplianceAML/CFT programmes, MLRO-as-a-Service, independent AML/CFT audits, risk assessments, monitoring, sanctions and inspection support.
- IP Registration & ProtectionTrademark and patent registration, copyright, domain disputes and enforcement that protect your brand, software and content across markets.
- Legal OpinionsRegulatory, business model, perimeter, payment, gaming, crypto-asset and cross-border opinions that answer what banks and investors ask.
- Bank Account OpeningHelp organising your banking with banks and EMIs that fit your model, from the onboarding file and account structure to periodic reviews.
- Merchant Account / Acquiring SetupMerchant applications, acquiring structure and negotiated terms for online and high-risk merchants that need stable card and local payment acceptance.
Support
United States: how we support your business
- Regulatory & LicensingStrategy, applications and regulator engagement for the gaming, payments, crypto and investment routes listed above.
- Corporate StructuringGroup architecture, incorporation, substance and governance built around your licences, banking and investors.
- Market Entry & Regulatory StrategyMarket prioritisation, regulatory roadmaps and launch readiness that let you expand into new jurisdictions in the right order.
United States: the right fit for your business?
We look at your product, target clients and banking needs to see whether this jurisdiction fits or another would serve you better, then send a written proposal with scope, timetable and fee.