Tagbitlicense

Robinhood Uses BitLicense, Brings Zero-Fee Crypto Trading to New York

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Robinhood, BitLicense, New York, Crypto

By CCN: Robinhood has brought its popular commission-free crypto trading app to New York investors. The California-based startup announced Thursday that it is launching bitcoin, ethereum, and other cryptocurrency trading services in New York. The announcement appeared precisely four months after Robinhood received a BitLicense from the New York State Department of Financial Services (NYDFS)...

NY Regulator-Flagged ‘North Korean Crypto Accounts’ Were South Korean: Bittrex

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Bitcoin, crypto exchange, Bittrex

By CCN.com: Four days after New York State Department of Financial Services’ executive deputy superintendent for banking Shirin Emami disclosed in an op-ed that having North Korean users on its platform was part of the reason Bittrex was denied a virtual currency business license, the cryptocurrency exchange has come out forcefully to deny the claim. According to Bittrex, there are no North...

Pro-Bitcoin Presidential Candidate Andrew Yang Slams ‘Onerous’ Bitlicense

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Andrew Yang, Bitcoin, Cryptocurrency

By CCN.com: 2020 Democratic presidential candidate Andrew Yang believes that “clear” regulations are needed for cryptocurrencies, and he specifically calls the Bitlicense “onerous” on his crypto policy page.
Aside from John McAfee and other third-party candidates, Yang’s statements on cryptocurrency are probably the most positive we have seen in a presidential candidate.

Bitcoin’s Most-Hated Regulatory Regime Could Be Bakkt’s Last Hope

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bakkt launch, bitcoin price

By CCN: Intercontinental Exchange’s high-profile Bitcoin project, Bakkt, has faced severe pushback from the CFTC due to a fundamental concern about how its cryptocurrency assets will be stored. In response, Bakkt is looking to obtain a BitLicense and manage custody of the coins themselves. Unfortunately for ICE and associates, BitLicenses can take years to receive. New York’s BitLicense: A...

Bitcoin Exchange Bitstamp Earns BitLicense After Ridiculous 3-Year Wait

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bitcoin exchange bitstamp bitlicense

More than three years ago, this reporter brought the news that Bitstamp had applied for a BitLicense. Bistamp CEO Nejc Kodrič believed early on that gaining the license would be important for the Bitcoin exchange. Other crypto firms like Bitfinex, Kraken, and ShapeShift, decided to stop doing business in New York instead. Things Going Swimmingly After Acquisition About this time last year...

This Thiel-Backed Crypto Brokerage Just Received a New York BitLicense

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Tagomi Trading, Bitlicense

By CCN.com: Backed by Paypal co-founder and pro-Bitcoin billionaire Peter Thiel, a crypto brokerage has received a BitLicense allowing it to do business in the state of New York.
Tagomi Trading, LLC, is the latest firm to receive the highly sought after green light from the Department of Financial Services. The New Jersey firm went through seven months of applications first.

NYDFS Hastens Response to BitLicense Applications

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New York City bitcoin bitlicense crypto

According to data obtained from the source – the New York Department of Financial Services itself – the financial regulator has only responded to 9 of 36 BitLicense applications submitted since 2015. Five have been denied, four have been approved, the rest are still going through the process. Fortune writer Robert Hackett became interested in the question after a speech given by Erik Voorhees...

New York: DFS Grants BitLicense to Crypto Custodian

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NYDFS bitlicense cryptocurrency

The New York Department of Financial Services (NYDFS) has issued a BitLicense to NYDIG Execution LLC, a subsidiary of New York Digital Investment Group (NYDIG LLC). In a statement published this week, the regulator revealed that the crypto custodian had been granted a virtual currency license and a money transmission license. In addition, another NYDIG subsidiary, NYDIG Trust Company LLC, has...

Coinsource Receives First BitLicense to Operate Bitcoin ATMs in New York

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bitcoin atm coinsource

The world’s largest bitcoin ATM company has finally received official approval to operate in New York. They had previously been operating in New York almost since the company’s inception via a provisional license. Last year, they received coverage in the New Yorker and have frequently been in the news with word of new ATMs across the country. Coinsource is creeping toward 200 machines, the...

‘BitLicense’ Regulator Approves Two USD-Pegged Cryptocurrency Tokens

NYDFS bitlicense cryptocurrency

One of the strictest cryptocurrency regulatory regimes in the United States has approved proposals from two companies under its oversight to issue cryptocurrency tokens whose values are pegged to the U.S. dollar. NYDFS Approves Two Stablecoins In a statement published Monday, the New York Department of Financial Services (NYDFS), creator of the “BitLicense” framework for cryptocurrency companies...

BitLicense #8: BitPay Becomes New York’s First Standalone Crypto Payment Processor

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bitpay cryptocurrency bitcoin crypto

Cryptocurrency payment processor BitPay has become the eighth firm to receive a “BitLicense” from the New York Department of Financial Services (NYDFS), which oversees what is arguably the most-restrictive state-level framework for the U.S. cryptocurrency industry. The NYDFS announced on Monday that it had approved the Atlanta-based BitPay’s application, following a “comprehensive review” of the...

Bitcoin-Friendly Square Hits All-Time High Market Cap after Earning Bitlicense

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Square Cash app bitcoin

The market valuation of Square, the multi-billion dollar payments company of Twitter CEO Jack Dorsey, surged three percent overnight after the company obtained the BitLicense from the New York Department of Financial Services (NYDFS) to operate as a cryptocurrency platform. BitLicense is Difficult to Obtain New York is considered to have the strictest policies and regulatory frameworks for...

BitLicense #7: New York Grants Another License to Bitcoin App Square

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Cash App BitLicense

Days after granting its sixth-ever BitLicense to cryptocurrency wallet Xapo, New York has approved fintech startup Square to operate in the state, enabling its users buy and sell bitcoin. The New York Department of Financial Services (NYDFS) announced on Monday its formal approval of Square’s application for a virtual currency license, also known as ‘BitLicense’. Commonly acknowledged and often...

BitLicense #6: New York Grants Cryptocurrency License to Bitcoin Wallet Xapo

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bancor DEX ethereum eos

Cryptocurrency wallet and vault Xapo is the latest recipient of New York’s ‘BitLicense’, arguably the strictest state law governing the crypto sector, from the state’s financial regulator. In an announcement on Thursday, the New York Department of Financial Services (NYDFS)’s superintendent Maria T. Vullo said the authority is furthering “New York’s continued commitment to creating a thriving...

BitLicense Charter Recipient itBit Will Become First New York Exchange to List Stellar (XLM)

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stellar

Institutional cryptocurrency exchange and BitLicense charter recipient itBit has announced that it has received approval from the New York Department of Financial Services (NYDFS) to list four new cryptocurrencies: ethereum (ETH), bitcoin cash (BCH), litecoin (LTC), and stellar (XLM). ItBit, which says it operates the second-largest US bitcoin trading platform by total volume, announced on...

‘Toddlers Play in the Sandbox’: NYDFS Chief Denies BitLicense Stifles Innovation

New York’s controversial cryptocurrency regulatory framework — the BitLicense — is frequently criticized in industry circles as an example that regulators in other jurisdictions should not follow if they hope to encourage innovation in this burgeoning field. However, Maria T. Vullo, superintendent of the New York Department of Financial Services (NYDFS), said on Thursday that this...

New York Grants Fifth-Ever BitLicense to Crypto Broker Genesis Global Trading

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bitlicense

Cryptocurrency brokerage firm Genesis Global Trading has become the latest firm to receive a BitLicense from the state’s financial regulatory. The New York-based Genesis on Thursday announced that the state’s Department of Financial Services (NYDFS) had approved its application, making it one of a handful of firms to receive a BitLicense, which formally allows cryptocurrency businesses to operate...

Winklevoss-Led Gemini Becomes ‘World’s First Licensed Zcash Exchange’

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zcash

Gemini has become the “world’s first licensed Zcash exchange,” the company announced on Monday. The New York City-based cryptocurrency exchange — which was founded by Cameron and Tyler Winklevoss — today revealed that it will open zcash trading markets (ZEC/USD, ZEC/BTC, and ZEC/ETH), which it says makes it the “first licensed Zcash in the world.” Zcash will be just the third...

New York Tells Cryptocurrency Exchanges to be More Transparent

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Cryptocurrency exchanges need to make transparency a greater priority, the New York Attorney General’s office said on Tuesday. Writing in a letter addressed to 13 cryptocurrency exchanges, New York Attorney General Eric Schneiderman’s office requests that companies provide information on a range of topics related to the operation of their trading platforms. “Representing a technological advance...

South Korea Govt Eyes its Own ‘BitLicense’ for Cryptocurrency Exchanges

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Bitcoin price South Korea Japan

South Korea’s government is considering a cryptocurrency exchange approval system similar to the state regulations in New York State, signaling a new position over regulations on digital currency exchanges from shutting them down to safely manage them. A decision is not expected until after June’s local elections. An official from a virtual currency task force indicated the government is...

Ripple Adds ‘BitLicense’ Architect Ben Lawsky to Board of Directors

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BitLicense architect Ben Lawsky has joined fintech startup Ripple’s Board of Directors. Lawsky, a former federal prosecutor, was a thorn in the side of Wall Street banks during his tenure as the first-ever superintendent of the New York State Department of Financial Services. However, in the cryptocurrency ecosystem, he is best known for the role he played in regulating the nascent bitcoin...

“Reckless” Regulations Force Bitcoin Exchange ShapeShift to Exit Washington State

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exit scam crypto exchange pure bit

Cryptocurrency exchange ShapeShift has announced it will terminate service to Washington state residents due to the BitLicense-style regulations imposed by the passage of Senate Bill 5031.  The company called the state’s position “unethical, wasteful, and reckless.” Exit ShapeShift made the announcement in a blog post, explaining that state had made the regulatory burden too great to operate...

Bitcoin Cash: Another Fork in the Road for Bitcoin

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Ethereum fork

Last week the bitcoin community and investors breathed a sigh of relief as BIP 91 locked in and activated, signalling what we thought was a great step forward in finally resolving the long standing Bitcoin scaling debate. Confidence soared and the price recovered from a previous tumble. And then came a twist. In the last 72 hours, Bitcoin increasingly looks as though it is heading for a user...

Bitcoin Bounces Back as BIP 91 Restores Confidence

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Bitcoin price

“Bitcoin’s Bubble Bursts” “The Start of the End for Bitcoin” “Cryptocurrency Bloodbath as Bitcoin and Others Tank” These, and every variation thereof, have been the headlines splashed across media channels over the last few weeks, as bitcoin’s price turned downwards for about a 10-day period. Any pullback gives detractors the opportunity to voice their views, and they will do so with gusto...

Why India is Perfect for the Bitcoin (R)evolution

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India blockchain coins

On the 8th November 2016, the Indian government announced its demonetization plans that would see 86% of all the cash money in the nation rendered useless. This rather drastic action was taken as a measure to quell illegal activities and attempt to destroy the shadow economy in the country. The Indian government aimed to prevent the use of illicit and counterfeit money to fund activities such as...

Opinion: How Barclays Seeking Cryptocurrency Regulation Impacts Bitcoin

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On Monday 26th June, CNBC reported that in an interview with Barclays UK Chief Executive Ashok Vaswani, Barclays had discussed with the FCA the possibility of bringing cryptocurrencies, like Bitcoin, ‘into play’ through the introduction of regulation. As one can imagine, such news can have a largely positive impact on Bitcoin. Two years ago, a news article of this magnitude would send the bitcoin...

6 Factors Pushing Bitcoin Prices Higher in 2017

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The Bitcoin price this year has climbed to unprecedented levels. For newcomers to the market looking to make a quick win, the rollercoaster of a year has probably been a time of scratching heads and possibly a few tears shed. For the long-term investor, however, these periods are part of the journey and opportune times to snap up some more coins when the price takes a dip.   Despite the...

NH Gov Signs Bill Protecting Bitcoin from Regulation

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The governor of New Hampshire has signed a bill into law exempting bitcoin traders from money transmission regulations. House Bill 436 was signed by gov. Chris Sununu on 2 June and comes more than a month after state senators passed the bill in April when it passed a vote of 13-10. Earlier in March, HB 436 passed the New Hampshire House of Representatives when cleared with a vote of 185-170...

California Dusts off Virtual Currency Act à la NY’s BitLicense

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California Virtual Currency

California has dusted off its notion of a ‘Virtual Currency Act.’ A new bill seeks to prohibit a person from engaging in any virtual currency business sans license from the Commissioner of Business Oversight (or is therefrom exempt). Introduced by Assemblymember Matt Dababneh (D – Encino), the new bill, A.B. 1123, parallels an earlier bill he eventually took off the table, A.B. 1326. The...

Concern for Japan’s Bitcoin Regulation: Is It Worse than BitLicense?

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China Bitcoin

As Japan prepares to enforce a bill that mandates the regulation of bitcoin and virtual currency exchanges in the country, it raises the question as to whether this will do more damage to the bitcoin/blockchain space like what the BitLicense has done to New York? In a recent blog, Koji Higashi, co-founder of bitcoin and crypto platform IndieSqaure, said that he had serious doubts about the law...

Bitcoin Exchange Coinbase Granted New York’s BitLicense

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nydfs bitlicense

New York’s department of financial services has approved bitcoin exchange Coinbase’s application for a virtual currency and money transmitters license, making it one of the largest bitcoin companies to gain the department’s approval. Coinbase becomes one of five virtual currency firms granted approval to operate in New York State, according to a department news release. The New York...

Industry Experts: BitLicense Isn’t the Regulatory Template for the UK

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Industry analysts have stated that a BitLicense template is not the way forward for the U.K., according to a report from EuroMoney. In June 2015, the New York Department of Financial Services (NYDFS) released its application for a ‘License to Engage in Virtual Currency Business Activity’, also known as a BitLicense. The New York BitLicense was created to protect consumers from fraud and loss of...

MIT Study: Bitcoin Not Popular with Students

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A study by the Massachusetts Institute of Technology (MIT) has found that, contrary to popular belief, bitcoin is not the payment of choice for students. In 2014, two MIT students, Jeremy Rubin and Dan Elitzer, raised $500,000 and started the MIT Bitcoin Project. For every undergraduate student that signed up to the project they were provided with $100 worth of bitcoin. The goal of the project...

Is California Set to Get Its Own BitLicense?

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BitLicense

California is set to follow New York’s lead, but the Bitcoin Foundation wants to stop the state from getting its own version of the BitLicense. The California Bitcoin License bill designated as AB1326 has undergone several changes in the assembly and senate since it was first introduced last year. It is now awaiting a second reading by Senate. Opponents of the bill, however, claim that the...

Ripple Gains BitLicense in New York

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 Ripple Labs Inc., has had its BitLicense application approved today by New York state’s financial regulator. The New York State Department of Financial Services (NYDFS) has approved Ripple Labs’ BitLicense application. Granted today, the approval will grant Ripple the license to sell and obtain XRP – the native digital asset of the Ripple Consensus Ledger, a platform used by financial...

Circle Internet Financial Receives New York State’s First BitLicense

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New York

Circle Internet Financial Ltd., a Boston-based bitcoin startup backed by Goldman Sachs Group Inc., has become the first firm to receive a New York State BitLicense, allowing it to offer digital-currency services in New York. The issuance of the first BitLicense marks a victory for both Circle and the State of New York. The BitLicense is considered the most restrictive state regulation for bitcoin...

LZF Launches First U.S.-Based Exchange To Operate Legally In 49 States Today

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The launch of the Laissez Faire (LZF) digital currency-to-fiat exchange platform in 49 states marks the first U.S.-based exchange to operate legally throughout the entire U.S., with the exception of New York. The goal is to provide a digital currency-to-fiat exchange platform that provides the most secure, incentivized trading environment. Using a structure similar to a Saas (software as a...

Coinbase: We Have Applied For a New York BitLicense

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Coinbase Ethereum

Coinbase has submitted an application for a BitLicense in New York State, making it one of the leading bitcoin businesses to seek the necessary regulatory approval. Coinbase advised CCN of its action in the wake of plans by other cryptocurrency businesses – such as LocalBitcoins, BitFinex and Kraken – to bolt New York due to the controversial regulation. The law prohibits the sale of bitcoin...

P2P Bitcoin Exchange LocalBitcoins Escapes the Empire State

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Note: this is a developing story. LocalBitcoins.com has discontinued service to New York State because of the state’s BitLicense. LocalBitcoins.com joins BitFinex, Kraken and other cryptocurrency companies bolting New York on account of the law that prohibits the sale of bitcoin without a license. LocalBitcoins.com greets visitors with a popup window advising them to say whether or not they are...

BitLicense Application Released by New York State

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The New York Department of Financial Services has released the application for a “License to Engage in Virtual Currency Business Activity” more commonly known as the Bitlicense. You can view it here (PDF). Bitlicense Controversy The Bitlicense application is 31 pages. I just checked my handy bible, and Genesis is only 33 pages. God needed 2 more pages to create the world than Ben...

Eobot Bitcoin Mining Company Pulls out of New York State over BitLicense

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Eobot, a cryptocurrency cloud mining company, will not serve customers in New York State as of July 1, 2015, on account of the recently finalized New York State BitLicense requirements. “If you are residing in and/or accessing Eobot within the State of New York, U.S., please withdraw all coins and cease all mining with Eobot as of July 1, 2015, as we are ceasing all Eobot mining connections from...

Erick Voorhees: Lawsky’s Bitcoin Crackdown Is Like North Korea, Creates Security Risks

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Erik Voorhees, founder and CEO of ShapeShift, the Switzerland-based digital currency exchange, views Ben Lawsky’s bitcoin crackdown as alarmingly similar to North Korean communism. Voorhees made the comparison between Lawsky, the architect of New York State’s BitLicense, and North Korea in an interview with The New York Post. Voorhees is not the only bitcoin enthusiast who isn’t standing in line...

Final New York Bitcoin Regulation Released: BitLicense

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The New York Department of Financial Services has released the long-awaited BitLicense, 44-page document which amounts to a framework for “virtual currency” businesses to operate in the State of New York. The issue of regulation has long been a major issue in the digital currency world, as when things first kicked off, and people first started paying fiat money for bitcoins, there was...

Good for Bitcoin? Lawsky Steps Down End of June

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New York’s top financial regulator, Benjamin Lawsky, has made a career out of garnering unprecedented fines from the global financial elite. He is known for holding their license to do business in New York over their heads and securing fines several times those of federal authorities on more than one occasion. However, one of the biggest scandals of the last decade, the FOREX rigging by...

Lawsky: BitLicense Finalized by End of May

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Benjamin M. Lawsky is a name Bitcoiners know well. He is the architect of New York’s forthcoming BitLicense regulations, which will define how Bitcoin is used and regulated in the Empire State. Given that Wall Street is located in New York City, this regulation will have serious impact on the future of Bitcoin and the state. One thing he stressed that will interest both regulators and...

2014 – The Best and Worst Year for Bitcoin so Far

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As the world prepares to say goodbye to another year and Bitcoin nears its sixth birthday, we look back at one of the more memorable and eventful year of Bitcoin’s history. A year in which Bitcoin began to mature and, just like a six year old child going to school for the first time, left his home to meet the world and learn how to deal with hostile strangers, authoritative teacher...

BitLicense Comments Reveal Western Union Wants Ben Lawsky to Approve Every Bitcoin ATM Location

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ATM

Earlier today, NYDFS Ben Lawsky posted to Twitter stating that all the BitLicense comments received by the department have been published. All in all, the NYDFS received 3,746 comments from around the world. The vast majority of commentators are individuals are the average length of comments vary greatly. However, some notable large companies also submitted comments to the NYDFS to seek...

Bitcoin Regulator Benjamin Lawsky Might Resign from NYDFS

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The Department of Financial Services superintendent, Benjamin Lawsky, who has been leading the charge in an effort to regulate bitcoin, is reportedly considering resigning from his position in early 2015. Benjamin Lawsky is perhaps the most powerful person in New York State to be pushing regulation on the bitcoin community. Many are curious as to where Lawsky will go: a bank? a finance company? a...

UK Treasury Seeking Regulation Advice From Bitcoin Community

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Following in the footsteps of regulation practices like BitLicense out of New York, the UK Treasury is seeking advice from members of the Bitcoin community to help further their understanding on regulation. According to The Guardian, the Treasury is asking for information from law enforcement agencies, financial regulators along with the general public and “FinTech” firms. Also...