Coinbase, Ripple poised to receive BitLicense

Posted On 08 May 2016

Tag: BitLicense, Coinbase, New York State Department of Financial Services, NYDFS, ripple labs

Coinbase and Ripple Labs are both close to obtaining a BitLicense in order to operate in New York, according to a source who spoke to Reuters.

The news agency cited a notice published on the New York State Department of Financial Services website, dated April 28, stating that the department had received applications from both Coinbase and Ripple.

The notices, typically posted after digital currency companies have completed the department’s paperwork, suggest the licensing process is almost finalized, according to the individual familiar with the matter and other sources who talked to Reuters.

A specific timeline for approval of the BitLicense for both Coinbase and Ripple is not yet clear, said Reuters. The news outlet said its sources asked for anonymity as they were not authorized to speak publicly.

A Ripple spokesman told Reuters that “we are committed to being fully compliant with all state and federal laws and applied for the license to ensure we remain so.” The spokesman declined to elaborate. Coinbase declined to comment to the news agency.

The news follows NYDFS’s approval Thursday of an application by bitcoin exchange Gemini to trade ether.

Image credits:

Coinbase logo – Courtesy of Coinbase

Ripple Labs logo – Via their previous press release

About the Author

Katherine Fletcher is a writer and editor based in London, Ontario, Canada. With a graduate degree in journalism, Katherine spent more than five years curating news on Canadian higher education for a marketing consultancy. Her interest in reporting on Bitcoin stems from her belief that digital currency is, and will continue to be, a disruptor in how we conceive modern currency.