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19 June

A digital payments platform Square has been given a BitLicense by the New York Department of Financial Services (DFS). This license will allow Square to buy and sell bitcoin (Bitcoin) legally in the state of New York. The announcement came from the regulator's web page.

“DFS is pleased to approve Square’s application and welcomes them to New York’s expanding and well-regulated virtual currency market.” Superintendent Maria T.Vullo said in a statement.

The company has introduced Bitcoin (Bitcoin: bitcoin) trading for users of its cash payments app earlier in February. Square has later reported that during the first quarter of 2018 they have earned a $34 million profit from cryptocurrency related activities through their Cash App.

Commenting on the move Cash App Lead Brian Grassadonia has said that “Square and the New York State DFS share a vision of empowering people with greater access to the financial system and today’s news is an important step in realizing that goal.”

Square became the ninth company to operate under a BitLicense. DFS has also granted licenses to Genesis Global Trading Inc., bitFlyer USA, Coinbase Inc., XRP II and Circle Internet Financial, Xapo, Inc., ItBit, and a special permit for trading in Zcash (ZEC/USD) has been given to a Gemini exchange, owned by Winklevoss brothers.

By Nadya Astam

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