Americas & Caribbean · US
United States
Money services businesses register federally with FinCEN and are licensed state by state; securities, derivatives and gaming are regulated by federal agencies and 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.
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
Applications and regulator engagement for these routes are handled by our Regulatory & Licensing practice.
Considerations
What to weigh up
- Licensing is multi-state: sequence the states around your target customers.
- Federal and state authorities both act against unlicensed activity.
- 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. How each is delivered depends on the local requirements that apply; where local qualification is required, we coordinate locally qualified counsel.
- Privacy & Data ProtectionPrivacy compliance and GDPR programmes, notices and DPAs, DPIAs, data mapping and ROPA, transfers, audits and breach response.
- 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 and protection, copyright protection, domain name disputes, portfolio support and IP agreements.
- Legal OpinionsRegulatory, business model, perimeter, payment, gaming, crypto-asset and cross-border opinions for banks, partners and investors.
- Bank Account OpeningSupport with corporate and operational accounts at banks and EMIs, prepared for how their compliance teams assess high-risk businesses.
- Merchant Account / Acquiring SetupSupport with merchant account applications and acquiring setup at acquirers and PSPs, including for high-risk merchant categories.
Support
How we support businesses in United States
- Regulatory & Licensing01Strategy, applications and regulator engagement for the gaming, payments, crypto and investment routes listed above.
- Corporate Structuring02Group architecture, incorporation, substance and governance built around your licences, banking and investors.
- Market Entry & Regulatory Strategy10Market prioritisation, regulatory roadmaps and launch readiness for businesses expanding into new jurisdictions.
Discuss your matter with a senior advisor.
Share a few details about your business and plans. We will come back to arrange a confidential initial conversation.