NY financial regulator licenses more fintechs for virtual currency transactions

New York State Department of Financial Services approved the applications of Robinhood Crypto and LibertyX for virtual currency licenses.

This means Robinhood Crypto is authorized to offer services for buying, selling, and storing seven virtual currencies, including bitcoin, ether, bitcoin cash, and litecoin. Its parent company, Robinhood, allows US-based retail and individual customers to trade stocks and options on a commission-free basis through Robinhood Financial.

LibertyX is set to provide consumers the sale of bitcoin through debit terminals, becoming the first DFS virtual currency licensee to allow customers to use debit cards to purchase bitcoin from traditional ATMs.

DFS continues to rapidly and responsibly respond to financial services market innovations by licensing technology-based money transmitters under New York’s money transmitter law; online lenders under New York’s banking law; and virtual currency exchanges under New York’s financial services law.

To date, DFS has approved sixteen charters or licenses for companies in the virtual currency marketplace, including Coinsource, Coinbase for custody and Paxos and Gemini for stablecoins.

Read the full release

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