New York, New York: Bitstamp Obtains BitLicense, Plans to Broaden Into US

Bitstamp now can formally supply cryptocurrency buying and selling providers within the state of New York after the state’s Division of Monetary Companies granted the trade a BitLicense. 

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Acquiring a BitLicense is undoubtedly excellent news for the historically European-focused Bitstamp, which can now discover it simpler to make inroads into the USA cryptocurrency buying and selling ecosystem and broaden its presence within the giant North American market. Said the Luxembourg-based trade in an official announcement:

Bitstamp has all the time embraced regulatory efforts which give attention to transparency and accountability that may assist broaden the trade. Acquiring a BitLicense is a key aspect in ramping up our presence in the USA, particularly in relation to working with institutional traders.

Buying a BitLicense isn’t any simple feat within the restrictive state of New York. With a purpose to acquire the somewhat-coveted permission slip, firms should adhere to a slew of strict necessities regarding client safety.

Many people within the cryptocurrency house are essential of the BitLicense — and for good motive. Nonetheless, Bitstamp claims that the license basically validates its operation as working underneath the “same high standards followed by traditional financial institutions.” Notes the corporate:

Since we opened our doorways in 2011, we’ve strived to not solely be essentially the most safe and trusted crypto trade on the planet, however to form new frontiers for the trade by creating finest practices in safety and self-regulation. We stay up for carrying the teachings we’ve realized in Europe over the ocean and serving to to develop a greater surroundings for all crypto companies, each within the US and worldwide.

Bitstamp was rumored to be near finalizing a deal for the sale of the corporate to a South Korean gaming firm practically one 12 months in the past — however little data relating to the rumors adopted.

What do you consider Bitstamp and New York’s notorious BitLicense? Tell us your ideas within the feedback under! 

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Photographs courtesy of Shutterstock.

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