The New York State Division of Monetary Providers (NYDFS) has issued a BitLicense to cryptocurrency buying and selling agency Cumberland, permitting it to function as a digital forex buying and selling firm.
In a June 17 announcement, Cumberland stated it plans to construct “sturdy buying and selling relationships with institutional counterparties in New York” with BitLicense. The agency is one in every of solely 33 corporations listed on the NYDFS web site that maintain the license, though it claimed to be “one of many solely main buying and selling corporations” to take action.
Since 2015, crypto corporations working in New York state have principally needed to apply for a BitLicense with a view to supply services. Some critics, together with New York Metropolis Mayor Eric Adams, have known as for this system to be scrapped, arguing that it stifles innovation and financial progress.
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New York authorities have opened a case towards Genesis World Buying and selling and crypto firm Gemini for allegedly defrauding buyers by the Gemini Earn program. In January, Genesis agreed to pay $8 million and relinquish its BitLicense as a part of a settlement with the NYDFS. The New York Legal professional Basic’s Workplace additionally reached a settlement with Genesis and Gemini, banning the businesses from working within the state and launching a crypto-lending service, respectively.
Earlier than the US Securities and Trade Fee authorised the itemizing and buying and selling of spot exchange-traded funds (BTC) on exchanges in January, Constancy chosen Cumberland as one of many corporations to commerce BTC as an funding car. The agency operates from North America, Europe and Asia.
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