New York Regulator Licenses Bitstamp Bitcoin Exchange
The US division of the bitcoin exchange Bitstamp has received a license for operation in the NY State, as follows from a press release of the local financial department (NYDFS).
Bitstamp, one of the oldest and largest crypto exchanges in Europe, applied for BitLicense back in 2015, when a corresponding requirement appeared in the state law.
Traders in NY will now be able to acquire, sell, and exchange bitcoin, ether, Litecoin, Bitcoin Cash, and XRP on the licensed Bitstamp. Moreover, the exchange has the right to transfer funds to the Ripple network and issue balances in both digital equivalent and fiat — in US dollars, euros, British pounds, etc.
Nejc Kodrič, the head of Bitstamp, called the license a set of rules that must be followed every day. These concern crypto storage, auditing, and many other issues. He noted that the exchange has been present in the US market but remained in the shadow. After obtaining the license, the company hopes to expand its sphere of influence.
Since the foundation in 2011, NYDFS has issued a total of 19 licenses to firms whose activities were related to the blockchain and crypto industries. In early 2019, BitLicense has been granted to the Robinhood trading platform, as well as LibertyX and Cottonwood Vending, providers of crypto ATMs. A brokerage firm Tagomi Trading received permission for crypto transactions in March.
Earlier, the American platform Kraken got sued for almost $1 million.