SOS Subsidiaries Receive MSB Licenses from US and Canada
SOS Limited (NYSE: SOS) announced that its US and Canadian subsidiaries have obtained money services business (MSB) licenses from the U.S. Financial Crimes Enforcement Network (FinCEN) and Canada's Financial Transactions and Reports Analysis Centre (FINTRAC). These licenses enable SOS to operate as a foreign exchange dealer and a money transfer agent in the US and Canada. CEO Yandai Wang emphasized that these licenses represent a significant milestone in their blockchain technology strategy aimed at launching a digital currency exchange.
- Acquisition of MSB licenses from FinCEN and FINTRAC enables broader operational capabilities.
- Licenses allow SOS to function as a foreign exchange dealer and money transfer agent.
- Paves the way for potential launch of a digital currency exchange.
- None.
QINGDAO, China, May 11, 2021 /PRNewswire/ -- SOS Limited (NYSE: SOS) (the "Company" or "SOS") announced today that its US and Canadian subsidiaries obtained money services business, or MSB, licenses from, the U.S. Financial Crimes Enforcement Network (FinCEN) Department of the Treasury, and the Financial Transactions and Reports Analysis Centre (FINTRAC), respectively.
The US MSB license issued by FinCEN allows SOS subsidiary to act as a foreign exchange dealer, money transfer agent and seller of money orders. The Canadian MSB license issued by FINTRAC, allows SOS to conduct money transfers, and be a dealer for foreign exchange, as well as virtual currencies.
Mr. Yandai Wang, CEO of SOS, commented, "The overall plan of SOS' digital currency business is systematically designed around blockchain technology. The set up of a digital currency exchange is a key component. We anticipate this exchange will be operated via US XX Exchange Ltd, our U.S. subsidiary, Canada XX Exchange Ltd, our Canadian subsidiary, or subsidiaries in other select jurisdictions. Receipt of the two MSB licenses is a major milestone in our compliance efforts. We are continuing work on the other licenses and permits required to launch the exchange and expect to begin discussions with third party service providers in the near future. We remain optimistic about the development of block-chain technology. The mutual promotion of mining and exchange businesses will provide us with multi-faceted experience and progress towards the commercialization of block-chain technology. "
About SOS Limited
SOS is an emerging marketing and solution provider based on blockchain and big data drive. It has about 20 million members in China. In July 2020, the headquarters of SOS moved from Gui'an new area to Qingdao West Coast new area. Recently, SOS has outlined its strategy in blockchain and cryptocurrency, including a series of measures to expand its business to cryptocurrency mining, cryptocurrency security and insurance and digital asset exchange. The core infrastructure of SOS' marketing data, technology and solutions to insurance and emergency rescue services is built on big data, blockchain-based technology, cloud computing, AI, satellite, and 5G network, etc. SOS has created a cloud "software as a service (SaaS)" platform for emergency rescue services, with three major product categories: basic cloud, cooperative cloud, and information cloud. This system provides innovative marketing solutions to clients such as insurance companies, financial institutions, medical institutions, healthcare providers, auto manufacturers, security providers, senior living assistance providers, and other service providers in the emergency rescue services industry.
SOS has obtained a national high-tech enterprise certification and the title of "Big Data Star Enterprise," awarded by Gui'an New District Government. Staying on the forefront of digital technology innovation, the Company has registered 99 software copyrights and 3 patents. For more information, please visit: http://www.sosyun.com/ .
Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the federal securities laws, including, but not limited to, our expectations for future financial performance, business strategies or expectations for our business. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. SOS cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Words such as "may," "can," "should," "will," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "target," "look" or similar expressions may identify forward-looking statements.
These forward-looking statements are based on information available as of the date of this press release and our management's current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but not are limited to, the risk factors described by SOS in its filings with the Securities and Exchange Commission ("SEC"). These risk factors and those identified elsewhere in this press release, among others, could cause actual results to differ materially from historical performance.
Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements in deciding whether to invest in our securities. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Additional information concerning these and other factors that may impact our expectations and projections can be found in our periodic filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended December 31, 2020. SOS's SEC filings are available publicly on the SEC's website at www.sec.gov. SOS disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.
View original content:http://www.prnewswire.com/news-releases/sos-subsidiaries-receive-msb-licenses-from-us-and-canada-301288457.html
SOURCE SOS Limited
FAQ
What did SOS Limited announce on May 11, 2021?
What are the new capabilities for SOS Limited after obtaining MSB licenses?
What is the significance of the MSB licenses for SOS Limited?
How do the MSB licenses impact SOS Limited's blockchain strategy?
