Bitcoin exchange CoinBase BitLicense license from the state of New York
New York Financial Services Authority (NYDFS) has been awarded to cryptography currency trading platform Coinbase formal business license to conduct business in the state.
Although Coinbase allows users to provide services for the state of New York on the premise of safety, but the formal “BitLicense” will further strengthen the operational state of the exchange.
At a time when the exchange and IRS IRS expensive lawsuits to protect the user’s data, the business license is proof of compliance with regulatory Coinbase.
Coinbase CEOBrianArmstrong said in a statement:
“At Coinbase, the first task is to make sure that we are the world’s most security and compliance of the digital currency exchange. We are very pleased to receive BitLicense, will continue to expand our business in New York.”
According to the NYDFS statement to CoinDesk, the license is in the comprehensive assessment of Coinbase’s anti money laundering, capital, user protection, network security policy grants.
The company will continue to monitor by the regulators.
Coinbase in San Francisco is the largest enterprises to obtain financing in the industry, so far has been financing $117 million in venture capital.
A historical review
BitLicense originally released in June 2015, the purpose is to bitcoin currency exchange or cryptography provides a framework for enterprise.
However, in the first 22 applications submitted after the found of the controversial license for many start-ups are too expensive. In fact, this is so far from the third BitLicense, many applications have been rejected.
In September 2015, Boston enterprises Circle won the first BitLicense, although the company in December 2016 from the bitcoin exchange to pay.
Last July, San Francisco enterprises Ripple was second BitLicense.
In addition to BitLicense, NYDFS to Gemini bitcoin start-ups and itBit company awarded the bank trust enterprise license.
Financial services for Vullo in the statement concluded:
“New York is committed to nurture and encourage new industry in the long-term development of the state, but also take the necessary measures to protect our market and consumers.”
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