Cryptocurrency Exchange Coinbase Granted BitLicense in New York

Coinbase, a San Francisco-based cryptocurrency exchange, today becomes the fifth digital currency business to obtain a BitLicense in the state of New York. Maria T. Vullo, Superintendent of the New York State Department of Financial Services (DFS), made the announcement today.

"Through the creation and promotion of strong state-based regulation, DFS continues New York’s long record of being responsive to technological innovation,” she said.

According to the DFS press release, Coinbase underwent a comprehensive review of its anti-money laundering and cyber security policies before getting approved for the new license.

Brian Armstrong, CEO of Coinbase, said:
“We're thrilled to have obtained the BitLicense and look forward to expanding our business in New York.”
To date, a total of five firms have received BitLicenses in New York from the DFS: Coinbase, XRP II, Circle Internet Financial, Gemini and itBit.

Juan Suarez, a member of the Coinbase legal department, explained in a post on the Coinbase blog that cooperation between financial regulators and bitcoin firms is needed for the continued growth of the industry, “We believe the long-term success of virtual currency and blockchain technologies will require productive partnerships between industry and government,” he writes.

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1 comment :

  1. Regulation brings order, and trust, to the market. Die hard Bitcoiners probably will not like it, but trust in financial agents is essential to development of the cryptocurrency market, and to real life transactions if there is to be a general adoption.

    The Chinese financial authorities seem to have uncovered a degree of financial shenanigans by some users of the unregulated exchanges in China. There too, there seems to be an acceptance that some degree of regulation of the market is desirable.

    Regulation brings confidence to the market, and more importantly a general acceptance of the reality of cryptocurrencies as a tradable item. At the very minimum, at least the main players in the world financial market are not moving to ban the use of cryptocurrencies as a mode of payment. The future of cryptocurrencies looks good.

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