Musk’s X approved for Virginia money transmitter license

By Sheila Dang

(Reuters) – Social media platform X received approval for a money transmitter license in Virginia, the 17th U.S. state to grant approval, as the Elon Musk-owned company advances efforts toward introducing payment features.

The Virginia license allows X to facilitate money transfers electronically as of Tuesday, according to the Nationwide Multistate Licensing System & Registry, an online database.

Musk has said that introducing payments would help X, formerly Twitter, transform into an “everything app” with services beyond social media. This would include the ability to send peer-to-peer payments, he has said.

Despite X steadily gaining approval for state money transmitter licenses, Musk said on Monday that New York and California “take the longest for approval.”

Reuters previously reported that Twitter began the process to apply for money transmitter licenses before Musk’s acquisition, targeting states with easier requirements first before pursuing large states like New York and California with stricter application processes.

States that have recently granted money transmitter licenses to X include Utah, Florida, Arkansas and Pennsylvania.

(Reporting by Sheila Dang in Dallas; Editing by Bill Berkrot)