Cryptocurrency Bitstamp obtains BitLicense

The New York Department of Financial Services (NYDFS) issued a licence for operating with virtual currencies known as BitLicense to an oldest European cryptocurrency exchange Bitstamp. It is worth noting, that BitLicense applied for the license in June 2015, right after the state’s authorities adopted the corresponding legislation. 

“The New York State Department of Financial Services has granted us a BitLicense. This allows Bitstamp to continue providing crypto trading services in the US and paves the way for us to expand our presence in the States,” the company wrote in a dedicated blog post.

 The license will allow the company to operate on the territory of the United States and extend its presence in the country in line with its global expansion strategy. However, the license is conditioned on strict requirements when it comes to customer protection and general business practices. 

“The BitLicense requires us to meet several stringent requirements when it comes to consumer protection, which is a challenge we fully embrace. It is further proof that trading at Bitstamp is subject to the same high standards followed by traditional financial institutions.”

Now Bitstamp can offer trading services to allow the customers buy and sell Bitcoin along with some other virtual currencies for USD. Apart from that, BitLicense entitles the company to “facilitate transfers of funds using the Ripple Network and reflect balances in  virtual currencies, and several fiat currencies, including USD, Euro and Japanese Yen.

“We are pleased to welcome Bitstamp to New York’s growing virtual currency marketplace. A regulated industry protects customers while supporting innovation and ensuring our financial services sector is a vibrant part of New York’s economy,” said Acting Superintendent Lacewell commented.