Ripple & Coinbase Expected to Obtain NY BitLicense
According to a Reuters report, Coinbase and Ripple are very close to being approved for bitcoin licenses by New York’s financial regulator, which would allow the two companies to legally operate within the state. A notice published on the The New York State Department of Financial Services’s (NYDFS) website shows that the state agency received....
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The process of getting all of the paperwork and legal documentation together is both time-consuming, and costly. But that is not the biggest concern, as BitLicense requires companies to keep an extensive amount of details on all of their customers. Two more companies are on the brink of obtaining the infamous Bitlicense, which makes Coinbase and Ripple compliant Bitcoin entities in the state of New York. Both companies applied for their license several months ago, but it looks like there is light at the end of the tunnel. According to a source familiar with the matter, both Ripple and....
Ripple Labs Inc., has had its BitLicense application approved today by New York state’s financial regulator. The New York State Department of Financial Services (NYDFS) has approved Ripple Labs’ BitLicense application. Granted today, the approval will grant Ripple the license to sell and obtain XRP – the native digital asset of the Ripple Consensus Ledger, a platform used by financial institutions including banks as well as companies. Designed to improve currency liquidity while lowering the significant capital costs of cross-border payments, XRP enables banks to use one XRP account held....
MonetaGo, one of the US-based Bitcoin exchanges, has announced they will be shutting down for good. The company tweeted that regulation was a key hurdle it could not overcome. UPDATE: MonetaGo confirmed they will only shut down the exchange part of the business. As most Bitcoin enthusiasts are well aware of, running a financial company in the US requires....
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....
Coinbase CEO Brian Armstrong says the SEC v. Ripple case “seems to be going better than expected.” He added that the U.S. Securities and Exchange Commission “is realizing that attacking crypto is politically unpopular.”
Coinbase’s CEO on the Ripple Lawsuit, SEC Attacking Crypto
The CEO of the Nasdaq-listed cryptocurrency exchange Coinbase, Brian Armstrong, commented on the enforcement action against Ripple Labs by the U.S. Securities and Exchange Commission (SEC) Monday. Referencing a Forbes article titled “The crypto uprising the SEC....