Two more companies receve a BitLicense to operate in New York, the DFS (Department of Financial Services) reported on Jan. 24.
The New York Department of Financial Services (NYDFS) approved the application for a BitLicense to both Robinhood Crypto LLC, and Moon Inc. this Thursday. In addition the Robinhood Markets Inc. subsidiary received a money transmission license as well.
This makes 16 companies who have received the controversial virtual currency licence, which was launched back in 2015. The New York BitLicense is a business license that allows its recipients to work with cryptocurrencies under the strict regulations set by the state.
Robinhood now has the permission to trade in seven diferent cryptocurrencies inside the U.S. state, such as Bitcoin (BTC), and Etherem(ETH). The company has been reported to have been in talks with the regulatory organ to offer banking services in the state since last year. Co-Founder and Co-CEO of Robinhood Markets Inc, Vlad Tenev, had this to say:
We’re delighted that Robinhood Crypto has been granted a virtual currency license and a money transmitter license in New York. This will complement the larger suite of investment services that New Yorkers already have access to on the Robinhood platform. The NYDFS has been very helpful throughout this process, and we look forward to their ongoing guidance as we prepare to launch Robinhood Crypto in New York.
Moon Inc., who do business under the name LibertyX, will be the first to offer the residents of New York debit card bitcoin purchasing options through traditional ATMs., thanks to the BitLicense. The Co-Founder and CEO of LibertyX, Chris Yim, had this to say:
After an extensive review process, we are delighted to receive the blessing of the NYDFS (BitLicense) and offer the first debit card Bitcoin purchasing options to New York State residents.