The New York State Division of Monetary Companies (NYDFS) has granted cryptocurrency buying and selling agency Cumberland a BitLicense, authorizing it to function as a digital forex firm.
In a June 17 announcement, Cumberland said it deliberate to have interaction in “robust buying and selling relationships with institutional New York counterparties” with the BitLicense. The agency is considered one of solely 33 corporations listed on the NYDFS web site holding a license, although it claimed to be “one of many solely principal buying and selling companies” to take action.
Since 2015, crypto companies working within the state of New York have largely been required to use for a BitLicense to supply services. Some critics, together with New York Metropolis Mayor Eric Adams, have recommended scrapping this system, claiming it stifled innovation and financial development.
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New York authorities have been pursuing a case towards Genesis International Buying and selling and crypto agency Gemini for allegedly defrauding traders by way of the Gemini Earn program. In January, Genesis agreed to pay $8 million and give up its BitLicense as a part of a settlement with the NYDFS. The New York Legal professional Common’s workplace additionally settled with Genesis and Gemini, banning the businesses from working within the state and working a crypto lending service, respectively.
Earlier than the USA Securities and Alternate Fee approved the listing and trading of a spot Bitcoin (BTC) exchange-traded fund on exchanges in January, Constancy selected Cumberland as one of many companies to commerce BTC for the funding car. The agency operates out of North America, Europe, and Asia.
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