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NYDFS grants nineteenth BitLicense to US subsidiary of Bitstamp cryptocurrency exchange

Wed, 10 Apr 2019, 09:14 am UTC

The New York State Department of Financial Services (DFS) has granted the nineteenth BitLicense to the U.S.-based subsidiary of Bitstamp cryptocurrency exchange.

In a press release dated April 09, the DFS said that it has authorized Bitstamp USA to offer services that allow customers to buy and sell cryptocurrencies for USD and vice versa.

Bitstamp USA has also been authorized to “facilitate transfers of funds onto the Ripple Network, issuing Ripple Balances in USD, other virtual currencies, and select fiat currencies, including the Australian Dollar, British Pound, Euro, Swiss Franc, and Japanese Yen.”

“We are pleased to welcome Bitstamp to New York’s growing virtual currency marketplace,” said Acting Financial Services Superintendent Linda A. Lacewell. “A regulated industry protects customers while supporting innovation and ensuring our financial services sector is a vibrant part of New York’s economy.”

Founded in 2011, Bitstamp is a payment institution authorized and regulated by the Luxembourg financial regulator, the Commission de Surveillance du Secteur Financier (CSSF). It offers crypto trading services to people from all around the world.

The company said that BitLicense will enable to expand its presence in the United States.

“We appreciate New York’s solid regulatory framework – the nation’s first – to protect consumers using cryptocurrencies and look forward to expanding our growing business in the state,” said Nejc Kodrič, CEO of Bitstamp. “Bitstamp has always embraced regulatory efforts that focus on transparency and accountability to help expand the industry and bridge the gap between the traditional financial and cryptocurrency worlds.”

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