Bitcoin ATMs get license in the state of New York
In another major milestone accomplished by the crypto industry, Coinsource Inc. received the so-called Bitlicense authorizing them to operate Bitcoin ATMs throughout the state of New York. The decision came in just a week after Coinbase Custody received New York state banking license. With New York City known as the financial capital of the U.S., experts anticipate more crypto-friendly regulations to come in shortly in other regions of the country as well.
Currently, Coinsource Inc. operates in 18 U.S. states. Promoting lowest rates, fastest speeds, and live support, the company is planning to expand to the rest of the country in the nearest future.
“The approval is a further step in implementing strong regulatory safeguards and effective risk-based controls while encouraging the responsible growth of financial innovation,” said New York State Department of Financial Services (NYDFS) superintendent Maria Vullo.
However, not all players on the New York crypto scene commanded the decision. Since the moment Bitlicenses were put in place, only twelve of them were granted.
Moreover, a number of crypto companies have fled the state due to NYFDS’s excessive control and influence.
The New York financial regulator has caused lots of uproar in the crypto industry. For instance, following the report by the New York Attorney General’s office alleging several exchanges were operating in the state illegally, Kraken CEO Jesse Powell compared the state’s financial authority with “an abusive ex that keeps stalking you.”