Did you read the disclaimer or watch the video update at all?  Since they are not targeting Peer-to-Peer exchange at rollout they really don't need the money-transmitter license.... per their website "American Trade Exchange, Inc. is in the process of obtaining money transmitter licenses in the following states. Money transmitter licenses are required per state in order to offer a peer-to-peer exchange service. Money transmitter licenses are not required by American Trade Exchange, Inc. when buying and selling directly with a verified user." source (https://www.vertbase.com/legal/compliances/)