New York State Department of Financial Services approved Genesis to operate under it’s BitLicense program, which will allow the company to trade Bitcoin (Bitcoin), Ethereum (ETH/USD), Ethereum Classic (ETC/USD) , Bitcoin Cash (Bitcoin.Cash), Ripple (XRP/USD), Litecoin (LTC/USD) and Zcash (ZEC/USD), Bloomberg is writing today.
“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," stated Michael Moro, chief executive officer of Genesis.
BitLicense was introduced in 2015 to regulate trade operations of virtual currencies.
Requirements of the license are often called as onerous and intrusive, which even demands the physical addresses and ID’s of their customers.
Genesis Global Trading, is a cryptocurrency broker for large-volume trading starting from $75,000, which was operating under a safe harbor provision in NY.
By Nadya Astam