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.
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SOURCE SOS Limited