NYDFS: Coinbase Is Not Licensed in New York
The New York State Department of Financial Services (NYDFS) has issued a new statement indicating Coinbase has not yet secured a license to operate in New York. The remarks, relayed by a spokesman to The New York Times, suggest that the department, which is currently working on a final version of its BitLicense regulation, is still in talks with Coinbase about its legal status in the state, but that no decisions have been finalized. The NYDFS spokesman said: "We are working with several companies, including Coinbase, on licensing and will continue to move forward expeditiously. That said,....
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While the BitLicense has caused many companies to leave New York, those that intend to stay are progressing though the regulatory process. This week, one of the world's largest Bitcoin services and wallet providers Coinbase became the 25thcompany to file for a BitLicense, which is expected to cost more than $100,000 in legal and compliance fees, according to Bitstamp Executive Vice President and chief legal officer George Frost. Since February, Coinbase has continued to work with the New York Department of Financial Services (NYDFS) to improve the regulations and restrictions set on....
Finalized in June of 2015, New York’s BitLicense regulation was heralded as a potential boon for an industry then struggling to shake its stigma as the unregulated ‘Wild West’ of the financial industry. More than six months after the deadline for application filings, however, the New York State Department of Financial Services (NYDFS) has yet to emerge as a regular newsmaker in the industry. The NYDFS has only issued one BitLicense under the regulatory framework, which it provided to bitcoin services firm Circle in September 2015. According to figures provided to CoinDesk by the NYDFS,....
The BitLicense comes at a time when Coinbase is already embroiled in an expensive legal battle with the IRS. Bitcoin wallet and exchange Coinbase yesterday announced that they have obtained the Bitlicense from the New York Department of Financial Services (NYDFS). It is the formal license to carry out digital currency-related businesses in the state of New York. Coinbase believes that the long-term success of virtual currency and blockchain technologies will require productive partnerships between industry and government. Support from government is seen as essential in longevity of any....
Infighting between the New York State Department of Financial Services (NYDFS) and the state governor's office has reportedly led to the resignation of key figures. The Wall Street Journal reported Monday that Anthony Albanese, acting superintendent of the NYDFS and successor to BitLicense architect Benjamin M Lawsky, is set to resign alongside agency spokesman Matthew Anderson. According to Bloomberg News, Albanese will depart in December. Under Lawsky - who left office in June - the NYDFS developed the BitLicense, a licensure scheme for digital currency companies operating in the state....
Just as it seemed like the dust was settling around the New York Department of Financial Services (NYDFS) BitLicense regulations released last week, Erik Voorhees of ShapeShift.io raised new criticisms of the NYDFS, calling them "Orwellian" and making comparisons to North Korea. NYDFS's Matt Anderson was not surprised, telling Bitcoin Magazine: "We always recognized that there is going to be some part of this community that is against even pretty standard financial regulatory oversight measures, such as anti-money laundering controls and other consumer protections. That said, one digital....