New York Reportedly Readies Bitcoin Licenses for Coinbase and Ripple Labs
Coinbase and Ripple Labs Inc. are close to receiving bitcoin licenses to offer their virtual currency services in New York State, according to Reuters. Both companies have provided applications to the state’s Department of Financial Services (NYSDFS), according to a notice on the department’s website. The notices usually post following completion of the paperwork, according to sources who wished to remain unnamed. The precise times of the license approvals are uncertain. Both companies are based in San Francisco, Calif. New York last year issued the most extensive regulations for operating....
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Payment exchange network Ripple Labs recently appointed Norman Reed as its general counsel. A law graduate from Columbia University, Reed started his career at a large international firm where he worked for three years. He later joined the prestigious Federal Reserve Bank of New York, where he got to know Karen Gifford - Ripple Labs's Chief Compliance Officer, also a former New York Fed. "In the wake of BCCI - along with some other shifty things happening in the early 1990s in the banking industry - the Fed wanted to start up an enforcement group styled after the SEC enforcement group,"....
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....
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....
Bitstamp has initiated legal action over more than $1m in disputed funds related to the sale of nearly 100m XRP last month. Bitstamp, which operates a Ripple gateway and bitcoin exchange, filed a complaint for interpleader on 1st April in the US District Court in the Northern District of California. Jed McCaleb, the founder of both Ripple Labs and Stellar, and two of McCaleb's family members were named in the complaint. The $1,038,172 in disputed funds were used by Ripple Labs to purchase 96,342,361.6 XRP put up for sale through an account allegedly controlled by McCaleb, according to the....
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,....