Home Finance NewsRegulations Genesis Global Trading Has Been Granted with New York State Bitlicense

Genesis Global Trading Has Been Granted with New York State Bitlicense

New York State Bitlicense

On May 17, Genesis Global Trading, a Digital Currency Group initiative and OTC crypto service, announced they had acquired its New York state Bitlicense. Genesis, which offers the customers and institutional buyers the over-the-counter solution, can currently operate in the state of New York without a doubt because of the released Bitlicense.

There is no surprise why the company targets to operate in the state since New York is called by many as the territory for financial capital of the world. The company aims to offer significant BCH, BTC, ZEC, ETC, LTC, ETH, and XRP liquidity in New York.

Genesis Global Trading announced that the company has its granted Bitlicense, which will allow them to operate their business in New York, alongside with the other approved businesses such as Itbit, Circle, and Coinbase. New York Department of Financial Service (DFS) had approved Genesis for their operation and provided them with Bitlicense, so they can freely trade different digital assets that it holds with the institutional investors.

But before the company took this approval and given Bitlicense, it is operating under the safe harbor provisions of DFS. This grant will not only be a big help to the company, but also to the investors to have a peace of mind knowing that Genesis is already approved.

The company comes to life in 2013, and it is backed by venture capital organization called Digital Currency Group (DCG), a company found by Mr. Barry Silbert. Genesis is a regulated crypto dealer, which provides access to the institutional investors and other high net-worth people who are searching for an opportunity to sell or buy a large number of digital assets.

“Genesis had offered a deep pool of liquidity, a 24/7 trading operation, and the same day settlement since the time it started serving,” said Michale Moro, the CEO of Genesis Global Trading. “We are so pleased that the DFS is able to approve the Bitlicense application of Genesis Global Trading. Though we are operating under DFS safe harbor provisions in the previous years, the current decisions are out important pace and reaffirm a robust compliance measure that we have enacted as the established trading partner,”

Barry Silbert is even excited for the approval of Bitlicense for Genesis, and have his comments on Twitter saying, “Congratulations to the team on being granted a Bitlicense to join Bitfyer USA, Coinbase, Circle, Ripple, and Itbit.

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Sydney Ifergan

Sydney has 20+ years commercial experience and has spent the last 10 years working in the online marketing arena and was the CMO for a large FX brokerage.

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