Genesis Global Trading has received approval from the New York Department of Financial Services to begin offering cryptocurrency trading services. The over-the-counter digital currency trading company becomes the first New-York based firm to receive the controversial BitLicense.
The license gives the company power to buy and to sell services of various digital assets. Prior to the issuance of the permit, the company had operated under a ‘safe harbor’ provision that allowed it to trade cryptocurrency. The brokerage joins the likes of Coinbase, BitFlyer, and Circle that currently offer digital currency trading services. The firm will now be able to target institutional investors and high net worth people that were seeking to trade the cryptocurrency sector. The company provides deep pools of liquidity to trading partners as well as same-day settlement and 24/7 trading.
Genesis Global has already been given the go-ahead to start offering Ethereum (ETH) Ethereum Classic (ECH) Bitcoin Cash (BCH) Ripple (XRP) Litecoin (LTC) and Zcash (ZEC).
“We are very pleased that DFS has approved our Genesis Global Trading BitLicense application. Although we have operated under a safe harbor provision in recent years, today’s decision is an important step forward and reaffirms the robust compliance measures we have enacted as an established trading partner,” said Michael Moro, CEO, and Genesis Global Trading.
Genesis Global Trading becomes the fifth firm in three years to receive BitLicense. The license underscores how New York City remains receptive to new technologies as it continues to lead the nation in regulating the growing FinTech industry. New York became the first state to craft regulatory structures that are friendly to cryptocurrencies trading.
The idea behind BitLicense was to create a special permit that would be granted to firms looking to offer digital currency services. However, the license has come under intense criticism in the recent past. Companies have widely criticized the license for having requirements that are hard to meet.
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