New York grants more licences for crypto companies, advances fintech landscape

January 25, 2019
Chris Wheal

The Department of Financial Services (DFS) in the state of New York has announced Moon Incorporated, Robinhood Crypto LLC, and LibertyX’s applications for digital currency licenses were approved.  Along with this, Robinhood was approved by DFS for a money transmitter’s license.

Robinhood Crypto LLC’s application approvals mean they’re now able to buy, sell and store crypto. Robinhood Crypto LLC is a subsidiary company of Robinhood Markets Incorporated. Robinhood Markets Incorporated allows United States-based retailers and customers, through the use of their software Robinhood Financial, to trade and buy stocks on a commission-free basis.

LibertyX’s application approval means their users can have services to buy Bitcoin via ATMs and other debit terminals.

All companies who had applications approved by the DFS will continue to go through reviews and follow regulations set by DFS.

“Today’s approvals add to the growing list of responsible virtual currency providers who recognize and appreciate how a comprehensive regulatory framework fosters a competitive marketplace that benefits both consumers and industry,”

said Maria T. Vullo, NY State DFS Superintendent.

DFS was created in 2011 when NY state’s insurance and banking departments were combined, creating a new department altogether. Their mission is to “reform” the financial service regulations in NY in order to maintain a healthy financial market, safe from crisis and fraud.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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