Crypto ATM Operator Receives License From New York Regulators
Cottonwood Vending, a company, which specializes in bitcoin ATMs, received an approval from the NY Department of Financial Services (NYDFS). Both sides reported about this in Twitter.
This is the 14th digital currency license issued by the regulator. According to the NYDFS, in such a way, the department supports financial technology innovations in the state.
The description in the Twitter profile says that Cottonwood Vending is the largest bitcoin provider in New York. The official site shows a city map of bitcoin ATMs installed around the city, but there is no information about the operator itself.
Another American firm, Coinsource, received permission from the NYDFS at the end of 2018. The company serves 40 terminals in New York and previously worked under a preliminary license.
LibertyX, a crypto ATM provider, can also boast the license from NY regulator. Together with the trading platform Robinhood, the companies received their permissions in late January. Now LibertyX can install its bitcoin ATMs in New York, where the cryptocurrency can be bought with a bank card.
By giving licenses to these two firms, the state financial regulator, in total, approved the work of 16 crypto companies. BitLicense was introduced in 2015, and it allows to work in the state in accordance with governmental requirements. Because of this, many New York companies, unable to cope with the strict rules of regulators, were forced to shut down.
Previously, the NYDFS approved the blockchain platform of a New York bank.