Bitstamp USA Inc., largest European digital currency exchange Bitstamp Ltd.’s U.S. subsidiary, has been granted a virtual currency license by the New York State Department of Financial Services (NYDFS), according to a press release on NYDFS’s website.
The subsidiary is the 19th company to be granted a BitLicense by NYDFS, which, with the issuance of the license, authorizes Bitstamp USA to continue its cryptocurrency operations in the New York State.
Back in 2016, Bitstamp Europe S.A. received a payment institution license, which was passported across all 28 countries of the European Union, said a news release CoinReport received from Uproar, Bitstamp’s PR firm.
Bitstamp CEO Nejc Kodrič said, “We’ve always embraced proactive efforts that protect the interests of both consumers and institutional investors.
“Obtaining a BitLicense is another example of our commitment to be the most trusted digital currency exchange in the world.”
The license enables Bitstamp to offer trading in five digital currencies – BCH, XRP, BTC, LTC and ETH – along with any other cryptocurrencies it may support later.
The NYDFS requires all BitLicense receivers to meet many stringent requirements relating to consumer protections. Following the granting of the license to Bitstamp, the exchange’s customers can rest assured that they will get the same protections as the customers of conventional financial institutions.
Kodrič added, “Having a BitLicense is also a key element in ramping up our presence in the United States, especially when it comes to working with institutional investors.”
Bitstamp said in its release it is making many big upgrades that matches it with conventional financial exchanges, including the launch of a new trading interface later this month and incorporating a new and faster WebSocket solution, Cinnober’s TRADExpress Trading System and a new mobile app.
Acting Financial Services Superintendent Linda A. Lacewell stated, “We are pleased to welcome Bitstamp to New York’s growing virtual currency marketplace. A regulated industry protects customers while supporting innovation and ensuring our financial services sector is a vibrant part of New York’s economy.”
Image via Uproar