BitGo receives trust license from New York regulators
Goldman Sachs-backed crypto custodian BitGo has acquired a New York Trust license to operate as an independent custodian in the state. Major American digital asset custody and security company BitGo has acquired a New York Trust license from the New York State Department of Financial Services.According to an announcement, the new charter enables BitGo to provide custodial services for institutional clients in New York seeking to make large investments in crypto in compliance with local regulations.With the new license, BitGo will provide Know Your Customer and Anti-Money Laundering....
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Crypto exchanges Coinbase and BitGo have previously received trust charters from New York's financial regulator, allowing the firms to offer crypto custody services. Crypto exchange FTX US has applied for a trust charter with the New York Department of Financial Services, or NYDFS, to operate in the state. In a Wednesday announcement, FTX US said it had applied to form a limited purpose trust company with New York's financial services regulator in an effort to offer its products and services to local users. Pending regulatory review and approval, the licensed trust will be run by Fidelity....
Bitcoin exchange itBit has filed for a banking license in New York, Reuters reports. Approval for the license may come in the next couple of weeks, people familiar with the matter told Reuters. That could make itBit the first Bitcoin company to be regulated as a bank in the United States. Founded in 2012, itBit has offices in two key financial markets, New York and Singapore. The company moved its headquarters from Singapore to New York in 2014. "Bitcoin has become mainstream, the volume of bitcoin trading has grown exponentially, and the majority of bitcoin trading now takes place in the....
The New York State Department of Financial Services (NYDFS) has awarded cryptocurrency exchange Coinbase a formal license to do business in the state. Though Coinbase has been allowed to serve New York customers under a safe-harbor provision while the application process was being conducted, the formal award of the so-called "BitLicense" solidifies the exchange's operating status. Coming at a time when the exchange has been waging what could be an expensive legal battle with the IRS to protect its customer data, the license is being described as a "validation" of....
Crypto startup Avanti Financial Group has been granted a license to offer banking services by the Wyoming State Banking Board. The license, or bank charter, means Avanti can now operate as a conventional bank – but one with a twist, capable of holding both crypto and dollars. It plans to launch in 2021. According to a statement published Oct. 28, the firm will also now be able to take custody of crypto assets like bitcoin while its plan for the creation of Avit, a tokenized US dollar, has been given the go ahead. The company’s application for a bank charter was accepted in....
But Bitcoin Suisse still has "many options on the table," says the firm's CEO. Switzerland's Financial Market Supervisory Authority — the country's principal financial regulator — has denied Bitcoin Suisse's application for a banking license. According to an official announcement on March 17, Bitcoin Suisse's current application is ineligible for approval on the grounds that "various elements that are relevant under licensing law make it unlikely that a license will be granted."The regulator said that it has withdrawn Bitcoin Suisse's application for a banking license and terminated the....