Wise, a UK company, had its US charter application denied by the OCC this week due to money laundering and terrorism financing concerns. This comes after the OCC approved similar charters for other crypto firms. Wise plans to resubmit its application.
Wise, a money transfer company based in the UK, recently faced a setback with its plans for US operations. The Office of the Comptroller of the Currency (OCC) denied Wise's application for a US charter this week. The OCC stated concerns about the company's anti-money laundering and counter-terrorist financing measures. This decision surprised many, as the same regulator had approved similar charters for digital asset companies over the past year. Wise now intends to submit a new application under the GENIUS Act to address these issues and secure its US banking license.
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