On May 17 the Digital Currency Group initiative and Over-the-Counter (OTC) cryptocurrency service, Genesis Global Trading, announced that Genesis was recently granted the New York state Bitlicense. The company that provides OTC solutions to institutional buyers can now operate freely in New York — A territory that many call, ‘the financial capital of the world,’ as Genesis aims to provide significant BTC, BCH, ETC, LTC, ZEC, XRP, and ETH liquidity in the state.
DCG Backed Genesis Global Trading Granted New York State Bitlicense
Genesis Global Trading has announced the firm has been granted the Bitlicense, and the company will be allowed to operate in New York with other approved businesses such as Coinbase, Circle, and Itbit. The New York Department of Financial Services (DFS) approved the company and provided Genesis with the Bitlicense — which will allow the firm to trade the various digital assets it holds with institutional investors. Before the company was granted the Bitlicense the firm operated under the DFS “safe harbor” provision.
Genesis was launched in 2013 and is backed by the venture capital organization the Digital Currency Group (DCG), a firm founded by Barry Silbert. The company is a regulated cryptocurrency OTC dealer that “provides access to institutional investors and high net worth individuals looking to buy or sell large sums of digital currencies.” Genesis has offered deep pools of liquidity, 24-7 trading, and same-day settlement since the company’s inception.
“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.
Barry Silbert Hopes More Cryptocurrency Businesses Are Approved in NY
To use the Genesis platform, traders have a $75,000 USD minimum deposit, and all users are subject to AML and KYC regulatory guidelines. In addition to being an approved brokerage service that can sell Bitcoin Core (BTC), the DFS has also approved to procure Zcash (ZEC), Ethereum (ETH), Ethereum Classic (ETC), Bitcoin Cash (BCH), Ripple (XRP), and Litecoin (LTC). Genesis also states the firm is also registered with the Securities Exchange Commission (SEC) and Finra as well.
The Digital Currency Group’s founder Barry Silbert was excited for Genesis commenting on the subject over Twitter.
“Congrats to the team at Genesis Trading on being granted a Bitlicense, joining Coinbase Circle, Ripple, Bitflyer USA, and Itbit,” Silbert states.
Hoping to see the NYDFS ramp up their licensing pace so that NY does not continue to fall behind.
What do you think about Genesis Global Trading receiving the Bitlicense? Let us know your thoughts on this subject in the comments below.
Images via Shutterstock, Twitter, and Genesis Global.