Money Services Business
a.k.a. MSB, Money transmitter
A US legal category for firms that move or exchange money for customers, which includes many crypto…
In plain English
A US legal category for firms that move or exchange money for customers, which includes many crypto businesses.
A money services business (MSB) is the US label for companies that handle other people's money without being banks: money transmitters, currency exchangers, cheque cashers and the like. They must register with FinCEN.
Many crypto exchanges and payment firms fall into this category, which means they have to run anti-money-laundering programs, verify customers and report suspicious activity. Many US states add their own licences on top.
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