Genesis Global Trading, a wholly-owned subsidiary of Digital Currency Group, has received BitLicense from the New York Department of Financial Services (DFS), allowing it to offer digital currency trading services.
Genesis, an over-the-counter digital currency trader, said it is the first New York-based trading firm to receive the state license.
"We are very pleased that DFS has approved the Genesis Global Trading BitLicense application,” said Michael Moro, CEO, Genesis Global Trading. "Although we have operated under a safe harbor provision in recent years, today's decision is an important step forward and reaffirms the robust compliance measures we have enacted as an established trading partner."
Genesis has been approved to offer trading of Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC), and Zcash (ZEC).
In its official release, the DFS said:
“With the Genesis approval, DFS has now approved seven firms for virtual currency charters or licenses, while denying those applications that did not meet DFS’s standards. DFS has also granted licenses to bitFlyer USA, Coinbase Inc., XRP II and Circle Internet Financial, and charters to Gemini Trust Company and Paxos (formerly itBit Trust Company).”
The DFS has also authorized blockchain startup Paxos to offer a permissioned, blockchain-based post-trade platform settlement service – Bankchain. Formerly itBit, Paxos offers Bankchain Precious Metals post-trade platform settlement service, which facilitates settlement among buyers in the “Loco London” market of gold bullion physically held in vaults recognized by the London Bullion Market Association.
