The four companies that have been authorized to conduct operations with cryptocurrencies in New York state include Coinbase, bitFlyer, Ripple and Circle Internet Financial. Genesis Global Trading became the fifth owner of BitLicense in New York.
The credit-exchange brokerage company Genesis Global Trading received BitLicense from the regulatory bodies of New York State in the USA. Genesis, headquartered in New York, reported on Thursday, May 17 that the Department of Financial Services of the State (NYDFS) will grant the company official permission to conduct operations with Bitcoin (BTC) and other cryptocurrencies in the state of New York.
— Genesis Global Trading (@GenesisTrading) May 17, 2018
The company, which is registered as a broker by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA), also provides over-the-counter trade in cryptocurrencies, serving institutional investors.
Head of NYDFS Maria Vullo in a separate statement noted that New York continues to remain one of the leading states in regulating the growing finteh industry. These endorsements demonstrate the commitment of the DFS committees to protecting consumer rights and the virtual currency market. Simultaneously, the regulator encourages the development of innovative technologies that use a distributed registry, and provides control by regulators, while the market continues to expand.
Thus, Genesis Global Trading became the fifth company that received BitLicense in New York, after Coinbase, bitFlyer, Ripple and Circle Internet Financial. With the introduction of the new regulation in 2015 that many crypto-exchange trading platforms and companies, whose business is connected with digital assets, had to leave the state. This phenomenon is known as the Great Bitcoin Exodus.