New York Grants a BitLicense to Crypto Trading Firm Cumberland
Main page News, US, Cryptocurrency
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18 June

The New York State Department of Financial Services (NYDFS) has issued a BitLicense to Cumberland, a crypto trading company, allowing it to operate as a virtual currency company.

Cumberland plans to establish strong business partnerships with institutional firms in New York with the BitLicense, as they confirmed in their June 17 press release.

The company is among only 33 listed on the NYDFS website to hold this license.

Since 2015, crypto companies within New York have been required to obtain a BitLicense in order to offer their services.

Some critics, led by New York Mayor Eric Adams, have suggested reviewing or eliminating the program, claiming it hinders innovation and economic progress.

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