Bitstamp now can formally provide cryptocurrency trading companies within the state of New York after the state’s Department of Financial Services granted the trade a BitLicense.
Obtaining a BitLicense is undoubtedly excellent news for the historically European-focused Bitstamp, which can now discover it simpler to make inroads into the United States cryptocurrency trading ecosystem and increase its presence within the giant North American market. Stated the Luxembourg-based trade in an official announcement:
Bitstamp has at all times embraced regulatory efforts which deal with transparency and accountability that may assist increase the trade. Obtaining a BitLicense is a key aspect in ramping up our presence within the United States, particularly with regards to working with institutional traders.
Acquiring a BitLicense is not any straightforward feat within the restrictive state of New York. In order to acquire the somewhat-coveted permission slip, corporations should adhere to a slew of strict necessities referring to shopper safety.
Many people within the cryptocurrency house are crucial of the BitLicense — and for good motive. However, Bitstamp claims that the license primarily validates its operation as working beneath the “same high standards followed by traditional financial institutions.” Notes the corporate:
Since we opened our doorways in 2011, we’ve strived to not solely be probably the most safe and trusted crypto trade on the earth, however to form new frontiers for the trade by growing finest practices in safety and self-regulation. We stay up for carrying the teachings we’ve realized in Europe over the ocean and serving to to develop a greater setting for all crypto companies, each within the US and worldwide.
Bitstamp was rumored to be near finalizing a deal for the sale of the corporate to a South Korean gaming firm practically one 12 months in the past — however little data relating to the rumors adopted.
What do you consider Bitstamp and New York’s notorious BitLicense? Let us know your ideas within the feedback under!
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