As the press release published on PR Newswire on May’17, a BitLicense has been granted by the New York Department of Financial Services (DFS) to Genesis Global Trading, a subsidiary of the Digital Currency Group.
Since the BitLicense became mandatory for all crypto trading firms in New York in August 2015, a wave of crypto companies has left the state, either unable or unwilling to comply with the stringent regulatory requirements.
Genesis, is the first New York-based trading firm and the fifth one overall to receive a BitLicense and it will be able to trade in Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Bitcoin Cash (BTC), Ripple (XRP), Zcash (ZEC), Litecoin (LTC). Since 2013, Genesis has traded in billions of dollars’ worth of cryptocurrency.
Before receiving the BitLicense, a special DFS provision let Genesis deal in crypto in the New York state. Michael Moro, CEO of Genesis Global Trading said in the press release that “although we run a safe harbor provision in recent years, today’s decision is an important step forward and confirms the robust compliance measures we have enacted as an established trading partner”
Since January, Square Cash app has included bitcoin option and is working on getting a BitLicense to operate in New York. The app included Wyoming to its list of states allowing the crypto option in mid-March, with New York, Georgia and Hawaii still excluded.